Activities included in a generally accepted definition of management accounting include: planning, organizing, controlling planning, operating, reporting preparing, operating, creating preparing, organizing, converting Which of the following statements does not describe a characteristic of management accounting? Management accounting must conform to GAAP Approximate amounts rather than accurate amounts or refined estimates are often used in management accounting. Management accounting places a great deal of emphasis on the future. Management accounting is more concerned with units of the organization rather than with the organization as a whole