Asked by Gabrielle D'Andrea on May 27, 2024
Verified
Management Reports are:
A) used by management and do not have to follow specified rules (i.e.GAAP or Internal Revenue Code) .The reports are prepared as needed to provide management with information to make informed business decisions.
B) used by management and follow a specified set of rules (i.e.GAAP or Internal Revenue Code) .The reports are prepared to ensure management can provide outside users with information to make informed decisions regarding their company.
C) used by management and do not follow specified rules (i.e.GAAP or Internal Revenue Code) .The reports are prepared either monthly,quarterly or yearly to ensure management is reviewing financial data on a timely basis.
D) used by management and follow a specified set of rules (i.e.GAAP or Internal Revenue Code) .The reports are prepared either monthly,quarterly or yearly to ensure management is reviewing financial data on a timely basis.
Management Reports
Periodic reports generated within an organization that provide critical financial and operational information to managers for decision-making purposes.
GAAP
Generally Accepted Accounting Principles (GAAP) are a set of rules and standards designed to improve the clarity, consistency, and comparability of the communication of financial information.
Internal Revenue Code
The codification of the federal tax laws and regulations in the United States, governing tax obligations.
- Recognize the different kinds of management reports accessible in QuickBooks Online.
Verified Answer
MU
Mounika UppalaJun 01, 2024
Final Answer :
A
Explanation :
Management reports are designed for internal use and therefore do not need to adhere to external reporting standards such as GAAP or the Internal Revenue Code. They are prepared as needed to assist management in making informed decisions.
Learning Objectives
- Recognize the different kinds of management reports accessible in QuickBooks Online.