ng statements is not correct regarding financial accounting and Ecounting and management accounting involve the use of accoum counting needs to follow specific set of rules called accounting s ting reports need to be audited to verify their accuracy unliken o not need to be audited. counting information emphasize supporting decisions that affec

Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter2: The Accounting Information System
Section: Chapter Questions
Problem 36E
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Oc.
OMR 393,000
Time left 2:01:16
O d. OMR 383,000
O e. OMR 363,000
CLEAR MY CHOICE
Which one of the following statements is not correct regarding financial accounting and management accounting?
O a.
Both financial accounting and management accounting involve the use of accounting information.
O b. Management accounting needs to follow specific set of rules called accounting standards unlike financial
accounting
O c.
Financial accounting reports need to be audited to verify their accuracy unlike management accounting
reports which do not need to be audited.
O d. Management accounting information emphasize supporting decisions that affect the future unlike
financial accounting information, which focus on the consequences of past activities of the organization.
O e.
None of the given answers
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Transcribed Image Text:Oc. OMR 393,000 Time left 2:01:16 O d. OMR 383,000 O e. OMR 363,000 CLEAR MY CHOICE Which one of the following statements is not correct regarding financial accounting and management accounting? O a. Both financial accounting and management accounting involve the use of accounting information. O b. Management accounting needs to follow specific set of rules called accounting standards unlike financial accounting O c. Financial accounting reports need to be audited to verify their accuracy unlike management accounting reports which do not need to be audited. O d. Management accounting information emphasize supporting decisions that affect the future unlike financial accounting information, which focus on the consequences of past activities of the organization. O e. None of the given answers NEXT PAGE
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