Question

In order to be useful to managers, managerial accounting reports should possess all of the following characteristics except a.be provided at any time management needs information b.provide objective measures of past operations and subjective estimates about future decisions c.be prepared to report information for any unit of the business to support decision making d.be prepared in accordance with generally accepted accounting principles

Answer 1

Answer:

d. be prepared in generally accepted accounting principles

Explanation:

Management accounting reports are performance reports, cost accounting reports and budget reports.

Management accounting is aimed at reducing cost per unit and providing such cost related data to the management which helps the management in controls and decision making process.

The focus of such accounting is on providing data to internal users of an organization such as top management, employees etc.

Management accounting reports need not comply with generally accepted accounting principles. Those are necessary for financial reporting and financial accounting.