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      Question

      Which of the following is most associated with

      managerial accounting?
      A Prepared for users outside the organisation Correct Answer Incorrect Answer
      B Must follow GAAP Correct Answer Incorrect Answer
      C May rely on estimates and forecasts Correct Answer Incorrect Answer
      D Always reports on the entire entity Correct Answer Incorrect Answer

      Solution

      GAAP is used in case of financial accounting. Managerial accounting is for internal management and it relies on estimates and forecasts.

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