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
10th Edition
ISBN:9781305080577
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter16: Advanced Topics Concerning Complex Auditing Judgments
Section: Chapter Questions
Problem 16MCQ
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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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9181c9b0-8a73-4b04-81cd-8d1187bce39c%2F552f712a-70d8-4485-8adb-2cd9fa58713f%2F3thvfd7_processed.jpeg&w=3840&q=75)
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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