Which of the Following Statements Is False

question 30

Multiple Choice

Which of the following statements is false?

• A) There is no overlap between financial and managerial accounting.
• B) Managerial accounting sometimes relies on past information.
• C) Managerial accounting does not need to conform to GAAP.
• D) Financial accounting must conform to GAAP.

Recognize the impact of various accounting entries on financial statements.

Comprehend the concept of reversing entries and their applications.

Master the classification of accounts based on their nature and normal balances.

Analyze the effects of accounting transactions on the trial balance.

---

Definitions:

Social Problem

A condition or a pattern of behavior that is believed to warrant public concern and collective action.

Northern Hemisphere

The half of Earth that lies north of the equator, characterized by distinct seasonal changes.

Environmental Problems

Issues related to the degradation or destruction of the natural environment, including pollution, climate change, and loss of biodiversity.

Scientific Research

involves the systematic investigation and study of materials, sources, and phenomena, aiming to establish facts and reach new conclusions.