Flexibility of practice when applied to managerial accounting means that
A) The information must be presented in electronic format so that it is easily changed.
B) Managers must be willing to accept the information as the accountants present it to them, rather than in the format they ask for.
C) The managerial accountants need to be on call twenty-four hours a day.
D) The design of a company's managerial accounting system largely depends on the nature of the business and the arrangement of the internal operations of the company.
E) Managers must be flexible with information provided in varying forms and using inconsistent measures.

Question

Quizplus · Accepted Answer

Flexibility of practice in managerial accounting means that the design of the system can vary based on the specific needs and operations of a company. There is no one-size-fits-all approach to managerial accounting, and therefore, companies must have flexibility in designing a system that works best for them. This includes choosing the appropriate methods of collecting, analyzing, and presenting financial information based on the nature of the business and internal operations.

Flexibility of Practice When Applied to Managerial Accounting Means That