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?

---

Definitions:

Phalanges

The bones of the fingers.

Metacarpals

The five long bones located in the hand between the wrist and the fingers.

Phalanges

The bones in the fingers and toes of the human body.

Metatarsals

The five long bones in the foot located between the tarsal bones of the hind- and mid-foot and the phalanges of the toes.