Respuesta :
Management has the responsibility to apply accounting standards when communicating with investors and creditors.
The management is in charge of the financial statements. In addition to initiating, recording, processing, and reporting transactions (as well as events and conditions) in accordance with management's assertions represented in the financial statements, management is responsible for creating and maintaining internal control. Management has direct knowledge of and direct control over all transactions involving the entity and the associated assets, liabilities, and equity. As a result, management is responsible for the fair presentation of financial results in accordance with generally accepted accounting principles 3.
Planning, organizing, staffing, leading, and controlling are the five general responsibilities that makeup management at its most basic level. These five responsibilities are a part of a corpus of guidelines and management-related beliefs.
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