Which of the Following Statements Is True Regarding Managerial Accounting

question 60

Multiple Choice

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

• A)Managerial accounting information is audited by CPAs.
• B)Managerial accounting information emphasizes relevance.
• C)Managerial accounting information is prepared annually and quarterly.
• D)Managerial accounting information must be prepared in conformity with Generally Accepted Accounting Principles (GAAP).

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Definitions:

NOW Accounts

Interest-earning banking accounts that permit writing checks against the deposited funds.

Interest-Bearing

Pertaining to financial instruments or accounts that generate interest income over time for the holder, such as bonds or savings accounts.

Largest United States Bank

Refers to the biggest bank in the United States by assets or market capitalization, often a title held by major institutions like JPMorgan Chase or Bank of America.

Factor of Production

Resources used to create goods and services, typically classified into land, labor, capital, and entrepreneurship.