Management Accountants Are Required to Follow the Generally Accepted Accounting

question 11

True/False

Management accountants are required to follow the generally accepted accounting principles that are used for external financial reporting when preparing reports for internal users.

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Definitions:

Promissory Estoppel

A legal principle that prevents a party from withdrawing a promise made to a second party if the latter has reasonably relied on that promise to their detriment.

Adequacy of Consideration

Assessing whether something of legal value has been exchanged in a contract to justify the parties’ obligations.

Consideration

In contract law, it refers to something of value, such as money, services, or goods, exchanged between parties as part of an agreement.

Promissory Estoppel

A legal principle that prevents a party from withdrawing a promise made to another if the latter has reasonably relied on that promise to their detriment.