Managerial accounting reports must be prepared according to generally accepted accounting principles.

Question

Priscilla Chiangong · Accepted Answer

Final Answer : False, Explanation :  Managerial accounting reports are not required to be prepared according to generally accepted accounting principles, as they are internal reports used for decision-making by management and do not need to adhere to external reporting standards.

Managerial accounting reports must be prepared according to generally accepted accounting principles.

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