Which of the following statements is false? Managerial accounting does not need to conform to GAAP Financial accounting must conform to GAAP. Managerial accounting sometimes relies on past information. There is no overlap between financial and managerial accounting.

Which of the following statements is false? Managerial accounting does not need to conform to GAAP Financial accounting must conform to GAAP. Managerial accounting sometimes relies on past information. There is no overlap between financial and managerial accounting.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter1: Accounting As A Tool For Managers

Section: Chapter Questions

Problem 10MC: Which of the following statements is incorrect? The practice of management accounting is fairly...

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Question

Which of the following statements is false?

Managerial accounting does not need to conform to GAAP
Financial accounting must conform to GAAP.
Managerial accounting sometimes relies on past information.
There is no overlap between financial and managerial accounting.

Definition Definition Process by which financial information is analyzed, interpreted, and communicated to managers to support the achievement of an organization's goals. The main objective of managerial accounting is to maximize profits and minimize losses.

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