Which one of the following statements is not correct regarding financial accounting and management accounting? Oa Financial accounting reports need to be audited to verify their accuracy unlike management accounting reports whi do not need to be audited. O b. Only financial accounting involves the use of accounting information. Oc. None of the given answers Jm O d. Financial accounting needs to follow specific set of rules called accounting standards unlike management accountig O e. Management accounting information emphasize supporting decisions that affect the future unlike financial accounti information, which focus on the consequences of past activities of the organization.
Which one of the following statements is not correct regarding financial accounting and management accounting? Oa Financial accounting reports need to be audited to verify their accuracy unlike management accounting reports whi do not need to be audited. O b. Only financial accounting involves the use of accounting information. Oc. None of the given answers Jm O d. Financial accounting needs to follow specific set of rules called accounting standards unlike management accountig O e. Management accounting information emphasize supporting decisions that affect the future unlike financial accounti information, which focus on the consequences of past activities of the organization.
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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