The Major Difference Between the Financial Reporting System (FRS)and the Management

question 41

Multiple Choice

The major difference between the financial reporting system (FRS) and the management reporting system (MRS) is the

• A)FRS provides information to internal and external users; the MRS provides information to internal users
• B)FRS provides discretionary information; the MRS provides nondiscretionary information
• C)FRS reports are prepared using information provided by the general ledger system; the MRS provides information to the general ledger system
• D)FRS reports are prepared in flexible, nonstandard formats; the MRS reports are prepared in standardized, formal formats

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Definitions:

Coenzyme FAD

Flavin adenine dinucleotide, a redox-active coenzyme associated with various enzymes, involved in several important metabolic reactions.

Vitamin K

A fat-soluble vitamin that plays a critical role in blood clotting and bone metabolism.

Clotting Factors

Proteins in the blood plasma that work in conjunction with platelets to stop bleeding by forming clots.

Antibodies

Immune system-generated proteins that recognize and neutralize invaders such as bacteria and viruses.