Which of the Following Statements Is Not True

question 10

Multiple Choice

Which of the following statements is not true?

• A) Financial accounting and managerial accounting are independent of each other.
• B) Financial accounting,due to the requirements of regulation,is mandatory for businesses.
• C) Managerial accounting has a strong orientation towards the future.
• D) Financial accounting presents a historical perspective of business activities.

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Definitions:

Salaries Expense

The total amount paid to employees for services rendered during a specific period, classified as an operating expense.

Residual Value

The estimated salvage value of an asset at the end of its useful life, used in calculating depreciation expense.

Depreciation Expense

Depreciation Expense represents the systematic allocation of the cost of a tangible asset over its useful life, reflecting the decrease in value over time.

Accumulated Depreciation

Represents the total amount of depreciation expense that has been recorded for an asset since it was acquired, reflecting its decrease in value over time.