Which of the following statements is false? O a. Managerial accounting does not need to conform to GAAP. O b. Managerial accounting sometimes relies on past information. O c. There is no overlap between financial and managerial accounting. O d. Financial accounting must conform to GAAP.

Which of the following statements is false? O a. Managerial accounting does not need to conform to GAAP. O b. Managerial accounting sometimes relies on past information. O c. There is no overlap between financial and managerial accounting. O d. Financial accounting must conform to GAAP.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter1: Accounting As A Tool For Managers

Section: Chapter Questions

Problem 10MC: Which of the following statements is incorrect? The practice of management accounting is fairly...

See similar textbooks

Related questions

Q: Explain the problems associated with inappropriate accounting practices.

A: Fraud: Fraud is a malicious act committed by people to fulfill their personal benefits. In case of…

Q: both financial and management accounting rely exclusively on gaap for reporting true false

A: Financial accounting is that branch of accounting which deals with preparation and circulation of…

Q: Managerial accounting reports must comply with generally accepted accounting principles. Is it true…

A: The managerial accounting reports are referred to the reports prepared by the organization to be…

Q: Which of the following is not an advantage of accounting standards? Select one: a. All of the…

A: Accounting standards are designed for thr purposes of standardisation of accoutning and reporting…

Q: “Management accounting should not fit the straitjacket of financial accounting.” Explain and givean…

A: Financial accounting is concerned primarily with the financial data related to an organization…

Q: Which of the following statement is incorrect? Select one: a. Cost accounting is not required by law…

A: Financial accounting, management accounting and cost accounting are three different forms of…

Q: Which of the following statements is false? Managerial accounting does not…

A: A Managerial accounting works on internal financial processes of entitywhere as financial accounting…

Q: Management accounting and financial accounting differ in that management accounting information is…

A: Management accounting and financial accounting are very much similar and differ mainly in two…

Q: Which statement is incorrect? a. Both financial accounting and managerial accounting adhere to…

A: Financial Accounting: The process by which any business organization, records, summarizes, and…

Q: Which of the following statements is false? Oa. Financial accounting must conform to GAAP. Ob.…

A: Financial accounting is that branch of accounting in which all transactions are recorded,…

Q: In IFRS, the conceptual framework indicates appropriate accounting when a more specific accounting…

A: The International Financial Reporting Standards (IFRS) constitute a globally consistent,…

Q: Two factors that typically lead to ethical violations are relevance and timeliness of accounting…

A: Two factors that typically lead to ethical violations are relevance and timeliness of accounting…

Q: Which of the following statement is correct? while comparing between management accounting and…

A: Financial accounting is the process of recording, summarizing and reporting a company's business…

Q: Managerial accounting reports are used by external users unlike financial accounting. TRUE FALSE

A: Managerial accounting reports are strictly for use by internal users i.e. management. However…

Q: The techniques and practices of management accounting are usually constrained by: Select one: O A.…

A: Managerial accounting, also called management accounting, is a method of accounting that creates…

Q: According to the convention of consistency Select one: a. Accounting policies and practices once…

A: In accounting, the convention of consistency means that accounting methods once adopted must be…

Q: Explain how management accounting should not fit the straitjacket of financial accounting.

A: Definition: Management accounting is concerned with the financial and non-financial data that help…

Q: Which statement is false? a. Management accounting makes use of both quantitative and qualitative…

A: Management accounting and financial accounting are two different spectrums of the broader field of…

Q: Evaluate the following statements from an ethical perspective:“Earnings management in a narrow sense…

A: "Earnings management, in a narrow sense, is the behavior of management to play with the…

Q: The primary qualities that make accounting information useful for decision-making are :(a) Relevance…

A: Accounting information: Accounting information refers to the data or the information about the…

Q: /Identify the false statement: a. Cost accounting is based on data derived from financial accounts…

A: Cost and Management Accounting are maintained by the company in order to determine the cost of goods…

Q: Both financial and managerial accounting rely exclusively on GAAP for reporting. True False

A: Generally Accepted Accounting Principles (GAAP) are framed for uniformity in accounts. Different…

Q: If a particular accounting choice is considered aggressive in nature, then the fi nancialperformance…

A: When a particular accounting choice is considered to be aggressive in nature then it affects the…

Q: What is the difference between managerial and financial accounting?

A: Financial accounting and managerial accounting are two of the most important fields of accounting.…

Q: Which of the following statements is false? Select one: O A. Management accounting statements need…

A: Ans. In any organization, management accounting and financial accounting both are very crucial…

Q: lanagement accounting reports tend to be specific. lanagement accounting reports are produced as…

A: Solution: "Management accounting reports are subject to the principles and practices of GAAP" this…

Q: Which of the following statements is false? a.Financial accounting must conform to GAAP.…

A: Financial and managerial accounting both are branches of accounting wherein financial accounting is…

Question

Which of the following statements is false?
O a. Managerial accounting does not need to conform to GAAP.
O b. Managerial accounting sometimes relies on past information.
Oc. There is no overlap between financial and managerial accounting.
O d. Financial accounting must conform to GAAP.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1: Define the Term Managerial Accounting:

VIEW

Step 2: Determine which statement is "False"

VIEW

Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Which of the following statements is false? Oa. Financial accounting must conform to GAAP. Ob. Managerial accounting sometimes relies on past information. Oc. Managerial accounting does not need to conform to GAAP. Od. There is no overlap between financial and managerial accounting.
Which of the following statements is false? a.Financial accounting must conform to GAAP. b.Managerial accounting sometimes relies on past information. c.Managerial accounting does not need to conform to GAAP. d.There is no overlap between financial and managerial accounting.
Which of the following statements is false? Managerial accounting does not need to conform to GAAP Financial accounting must conform to GAAP. Managerial accounting sometimes relies on past information. There is no overlap between financial and managerial accounting.
Which one of the following statements is false? O A. Management accounting reports tend to be specific. O B. Management accounting reports are produced as often as required. O C. Management accounting reports are subjected to the principles and practices of GAAP. O D. Management accounting reports are not required by law.
Which of the following statement is incorrect? Select one: a. Cost accounting is not required by law b. Financial accounting focuses mainly on the external users C. Management accounting is not based on double entry system d. Management accounting is bound by accounting standards
The origin of management accounting is due to limitations of Financial accounting and cost accounting . a . False O b . True
Both financial and managerial accounting rely exclusively on GAAP for reporting. True False
The use of management accounting is Legally obligatory O a . False O b . True
Managerial accounting reports are used by external users unlike financial accounting. TRUE FALSE
Managerial accounting reports must comply with generally accepted accounting principles. Is it true or false ?
In IFRS, the conceptual framework indicates appropriate accounting when a more specific accounting standard does not apply. True False
Explain differential effects on accounting standards.