Which of the following is FALSE about managerial accounting versus financial accounting?
A. Managerial reports are prepared annually, whereas financial reports are prepared when required.
B. Managerial accounting is primarily utilized by internal users, whereas financial accounting is primarily utilized by external users.
C. The primary information characteristic for managerial accounting is relevance, whereas the primary information characteristics for financial accounting are reliability and objectivity.
D. No authoritative body requires managerial accounting reports, whereas the SEC requires financial accounting reports for publicly traded companies.
A
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