Which of the following is the principle reason for preparing managerial accounting reports? a. cost of preparation b. GAAP c. clarity d. usefulness to management

Question

Social Studies

Jasiah Jenkins

31 January, 22:57

Which of the following is the principle reason for preparing managerial accounting reports? a. cost of preparation b. GAAP c. clarity d. usefulness to management

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Answers (1)

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Naima Wallace · Answer 1

b. GAAP

Explanation:

GAAP (generally accepted accounting principles) is a collection of commonly-followed accounting rules and standards for financial reporting. THE GAAP specifications include definitions of concepts and principles, as well as industry-specific rules. and the four basic constraints associated with GAAP include objectivity, materiality, consistency and prudence