Which of the Following Statements Is True Regarding Managerial Accounting

question 38

Multiple Choice

Which of the following statements is true regarding managerial accounting information?

• A)It is audited by CPAs.
• B)It emphasizes relevance.
• C)It is prepared annually and quarterly.
• D)It must be prepared in conformity with generally accepted accounting principles (GAAP).

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Definitions:

Condition Concurrent

In contracts, conditions that are to happen or be performed at the same time by both parties involved in the agreement.

Conditions Subsequent

Clauses in a contract that, if met, bring about the termination of the contract's obligations for one or more parties.

Commercially Impracticable

A condition under the Uniform Commercial Code where performance of a contract is made excessively burdensome or expensive due to unforeseen events.

Supervening Event

An event that occurs after the parties have entered into a contract and significantly changes the circumstances, possibly excusing performance.