Quiz Ch 1-3 For Credit Submitted 10.6/12.5 Total points awarded Help Exit Flexibility of practice when applied to managerial accounting means that: 4 Multiple Choice 0/0.5 points awarded Scored X The information must be presented in electronic format so that it is easily changed Managers must be willing to accept the information as the accountants present it to them, rather than in the format they ask for. Managerial accounting information must follow concepts and rules known as GAAP. Managerial accounting systems provide internal information reflecting the needs of managers to analyze, plan, and control products and processes Managerial accounting systems must provide consistent and comparable financial statements across companies