Which one of the following statements is not correct regarding financial accounting and management accounting? Both financial accounting and management accounting involve the use of accounting information. a. b. None of the given answers C. Financial accounting information emphasize supporting decisions that affect the future unlike management accounting information, which focus on the consequences of past activities of the organization. O d. Financial accounting reports need to be audited to verify their accuracy unlike management accounting reports which do not need to be audited. e. Financial accounting needs to follow specific set of rules called accounting standards unlike
Which one of the following statements is not correct regarding financial accounting and management accounting? Both financial accounting and management accounting involve the use of accounting information. a. b. None of the given answers C. Financial accounting information emphasize supporting decisions that affect the future unlike management accounting information, which focus on the consequences of past activities of the organization. O d. Financial accounting reports need to be audited to verify their accuracy unlike management accounting reports which do not need to be audited. e. Financial accounting needs to follow specific set of rules called accounting standards unlike
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Which one of the following statements is not correct regarding financial accounting and management
accounting?
Both financial accounting and management accounting involve the use of accounting information.
a.
b. None of the given answers
Financial accounting information emphasize supporting decisions that affect the future unlike
management accounting information, which focus on the consequences of past activities of the
С.
organization.
d. Financial accounting reports need to be audited to verify their accuracy unlike management
accounting reports which do not need to be audited.
Financial accounting needs to follow specific set of rules called accounting standards unlike
Management accounting
e.
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