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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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