Management Accounting Information and Reports Do Not Have to Follow

question 16

True/False

Management accounting information and reports do not have to follow set principles or rules such as GAAP but should be useful to its audience and meet the cost/benefit test.

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Definitions:

Injunction

A legal order issued by a court that directs an individual or organization to do or refrain from doing a specific act, used to prevent harm or secure relief.

Confidential Information

Sensitive data that is not public knowledge and is protected from unauthorized disclosure under legal, contractual, or professional duties.

Specific Performance

A legal remedy in contract law which mandates the exact performance of an agreement, rather than a monetary award for breach.

Rescission

The act of revoking, cancelling, or annulling a contract, returning all parties to their pre-contractual states.