Which of the Following Statements Is False

question 30

Multiple Choice

Which of the following statements is false?

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

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Definitions:

Pennies

A form of currency in many countries, often the smallest denomination within the currency system.

Recycles

Process of converting waste materials into new materials and objects, aiming to reduce consumption of fresh raw materials, energy usage, and air and water pollution.

Cognitive Development

The construction of thought processes, including remembering, problem solving, and decision-making, from childhood through adulthood.

Artistic

Pertaining to the application or expression of creativity and imagination in activities such as painting, music, literature, and dance.