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Which of the following statements is FALSE? Financial accounting reports historical transactions. Managerial accounting focuses on reporting...

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Accounting

Which of the following statements is FALSE?

Financial accounting reports historical transactions.

Managerial accounting focuses on reporting the consolidatedresults of the company as a whole.

Managerial accounting reports do not have to conform togenerally accepted accounting principles.

Financial accounting helps investors and creditors makedecisions.

Answer & Explanation Solved by verified expert
4.2 Ratings (787 Votes)
False Statement Managerial accounting focuses on reporting the consolidated results of the company as a whole Financial Accounting Financial accounting focuses on providing historical financial information to external users External users are those outside the company including owners eg shareholders and creditors eg banks or bondholders Financial    See Answer
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