Managerial Accounting Is Not Bound by Generally Accepted Accounting Principles

question 101

Essay

Managerial accounting is not bound by generally accepted accounting principles (GAAP)but clearly is influenced by GAAP.How do budgets and the budgeting process demonstrate connections to GAAP?

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Definitions:

Susan Nolen-Hoeksema

An influential psychologist known for her work on rumination and its effects on depression and mental health.

Emotional Distress

Significant mental suffering or anguish, often resulting from stressful situations or traumatic events.

Ruminate

To think deeply or repeatedly about something, often about problems or negative experiences.

Susan Nolen-Hoeksema

A psychologist known for her work in gender differences in depression and the ruminative response style in depression.