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Which one of the following statements is not correct regarding financial accounting and management accounting? O a. 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 b. Financial accounting reports need to be audited to verify their accuracy unlike management accounting reports which do not need to be audited. O c. None of the given answers O d. Both financial accounting and management accounting involve the use of accounting information. O e. Management accounting needs to follow specific set of rules called accounting standards unlike financial accounting

Which one of the following statements is not correct regarding financial accounting and management accounting? O a. 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 b. Financial accounting reports need to be audited to verify their accuracy unlike management accounting reports which do not need to be audited. O c. None of the given answers O d. Both financial accounting and management accounting involve the use of accounting information. O e. Management accounting needs to follow specific set of rules called accounting standards unlike financial accounting

Auditing: A Risk Based-Approach to Conducting a Quality Audit
Auditing: A Risk Based-Approach to Conducting a Quality Audit
10th Edition
ISBN:9781305080577
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter15: Audit Reports On Financial Statements
Section: Chapter Questions
Problem 45RSCQ: The accounting and auditing literature discusses several different types of accounting changes. For...
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Time left 1:45:- Which one of the following statements is not correct regarding financial accounting and management accounting? O a. 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 b. Financial accounting reports need to be audited to verify their accuracy unlike management accounting reports which do not need to be audited. O C. None of the given answers O d. Both financial accounting and management accounting involve the use of accounting information. O e. Management accounting needs to follow specific set of rules called accounting standards unlike financial accounting ting and has checen dire +laber bere 目
Transcribed Image Text:Time left 1:45:- Which one of the following statements is not correct regarding financial accounting and management accounting? O a. 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 b. Financial accounting reports need to be audited to verify their accuracy unlike management accounting reports which do not need to be audited. O C. None of the given answers O d. Both financial accounting and management accounting involve the use of accounting information. O e. Management accounting needs to follow specific set of rules called accounting standards unlike financial accounting ting and has checen dire +laber bere 目
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