Organizations must follow GAAP or IFRS with respect to financial accounting in order to provide accurate, transparent and consistent financial information. Managerial accounting has no such standards. Therefore, is managerial accounting information unreliable and not to be trusted?
Solution
Answer: Organizations must follow GAAP or IFRS with respect to financial accounting in order to provide accurate, transparent and consistent financial information. Managerial accounting has no such standards.
Therefore, Managerial accounting information isreliable and to be trusted.
Management accounting is an internal business function that records and reports financial information for internal use. Business owners and managers often use this information to make decisions about their company
.
Organizations must follow GAAP or IFRS with respect to financial accou.docx
1. Organizations must follow GAAP or IFRS with respect to financial accounting in order to
provide accurate, transparent and consistent financial information. Managerial accounting has no
such standards. Therefore, is managerial accounting information unreliable and not to be trusted?
Solution
Answer: Organizations must follow GAAP or IFRS with respect to financial accounting in order
to provide accurate, transparent and consistent financial information. Managerial accounting has
no such standards.
Therefore, Managerial accounting information isreliable and to be trusted.
Management accounting is an internal business function that records and reports financial
information for internal use. Business owners and managers often use this information to make
decisions about their company
