The Major Difference Between the Financial Reporting System (FRS) and the Management

Multiple Choice

The major difference between the Financial Reporting System (FRS) and the Management Reporting System (MRS) is the

A) FRS provides information to internal and external users; the MRS provides information to internal users
B) FRS provides discretionary information; the MRS provides nondiscretionary information
C) FRS reports are prepared using information provided by the General Ledger System; the MRS provides information to the General Ledger System
D) FRS reports are prepared in flexible, nonstandardized formats; the MRS reports are prepared in standardized, formal formats