Managerial accounting
A) is prepared according to GAAP.
B) is prepared according to management needs.
C) is prepared periodically only.
D) is related to the entire business entity only.

Question

Quizplus · Accepted Answer

Managerial accounting is prepared according to management needs and is not necessarily required to follow GAAP. It is prepared to assist managers in making informed decisions for the organization and can be prepared on a regular or as-needed basis. Managerial accounting can cover specific departments, products, or services and is not necessarily related to the entire business entity.

Managerial Accounting