Which of the Following Statements Is INCORRECT

question 8

Multiple Choice

Which of the following statements is INCORRECT?

• A) Managerial accounting is used to determine the cost of products and services.
• B) Managerial accounting is used to plan and control business operations.
• C) Managerial accounting is used to report the company's financial position and results of operations to creditors and investors.
• D) Managerial accounting is used to prepare budgets.

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Definitions:

Jointly Exhaustive

A set of options or categories is collectively comprehensive, covering all possible scenarios or outcomes.

Consistent Principle

A rule or concept that does not contradict itself and remains uniform across various situations or applications.

Essential Attributes

Fundamental qualities or characteristics that define or make up the essence of something.

Levels of Organization

The hierarchy in biological systems, ranging from atoms to biosphere, reflecting complexity and interdependence of components.