Flexibility of Practice When Applied to Managerial Accounting Means That

question 158

Multiple Choice

Flexibility of practice when applied to managerial accounting means that

• A)The information must be presented in electronic format so that it is easily changed.
• B)Managers must be willing to accept the information as the accountants present it to them,rather than in the format they ask for.
• C)The managerial accountants need to be on call twenty-four hours a day.
• D)Managerial accounting system differ across companies depending on the nature of the business and the arrangement of its internal operations.
• E)Managers must be flexible with information provided in varying forms and using inconsistent measures.

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Definitions:

Trust

A fiduciary arrangement that allows a third party, or trustee, to hold assets on behalf of a beneficiary or beneficiaries.

Implied Trust

A trust formed by the law from the conduct or circumstances of the parties involved, rather than by explicit written agreement.

Created

Brought into existence or formed out of nothing.

Testamentary Capacity

The legal ability of a person to make a valid will, usually involving being of sound mind and of certain age.