Asked by Chrisitna Giosso on May 11, 2024
Verified
Managerial accounting internal reports are prepared more frequently than are classified financial statements.
Managerial Accounting
The field of accounting that provides internal reports to help users make decisions about their companies.
Internal Reports
are financial documents used within an organization, prepared for internal stakeholders to make decisions, not intended for external audiences.
- Differentiate between managerial and financial accounting in terms of purpose, frequency, and specificity of reports.
Verified Answer
AF
Ashlee FortenberryMay 17, 2024
Final Answer :
True
Explanation :
Managerial accounting internal reports are designed to help managers make informed decisions and are required more frequently to keep up with the pace of business operations. Meanwhile, classified financial statements are usually required on an annual or semi-annual basis.
Learning Objectives
- Differentiate between managerial and financial accounting in terms of purpose, frequency, and specificity of reports.
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