Which of the following statements about managerial accounting is incorrect? Question 19 options: 1) Managerial accounting information is used primarily by managers within the organization. 2) Managerial accounting information is prepared in accordance with rules established by outsiders (generally accepted accounting principles [GAAP]). 3) Managerial accounting information is primarily forward looking, as opposed to focusing on historical information. 4) Managerial accounting information is used both at the organizational level and at the subunit (department and lower) level. 5) Budgets are an important managerial accounting tool.
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Managerial accounting is designed to provide information to managers within the organization to aid in decision-making, planning, and control. Show more…
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