Which one of the following statements is not correct regarding financial accounting and management accounting? Financial accounting reports need to be audited to verify their accuracy unlike management accounting reports which do not need to be audited. O a. O b. Only financial accounting involves the use of accounting information. Management accounting information emphasize supporting ffact the future unlike financial accounting c.
Which one of the following statements is not correct regarding financial accounting and management accounting? Financial accounting reports need to be audited to verify their accuracy unlike management accounting reports which do not need to be audited. O a. O b. Only financial accounting involves the use of accounting information. Management accounting information emphasize supporting ffact the future unlike financial accounting c.
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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Transcribed Image Text:Which one of the following statements is not correct regarding financial
accounting and management accounting?
O a.
Financial accounting reports need to be audited to verify their
accuracy unlike management accounting reports which do not
need to be audited.
O b. Only financial accounting involves the use of accounting
information.
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 c.
O d. None of the given answers
Financial accounting needs to follow specific set of rules called
accounting standards unlike management accounting
O e.
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