ACCA MA · Chapter 1 · Question 5 of 10
Which of the following statements about management accounting is correct?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: C) It may include non-financial information and forward-looking estimates
Explanation
Management accounting is prepared for internal managers to help with planning, control and decision-making. There is no legal requirement or prescribed format, so it can include forecasts and non-financial measures. Financial accounting, in contrast, is prepared mainly for external users and must follow accounting standards.
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