Which of the following statements about internal reports is not true?

A) The content of internal reports may extend beyond the double-entry accounting system.
B) Internal reports may show all amounts at market values.
C) Internal reports may discuss prospective events.
D) Most internal reports are summarized rather than detailed.

Internal Reports

Documents prepared within an organization for strategic decision-making, performance evaluation, and operational control, not for external stakeholders.

Double-Entry Accounting

A bookkeeping system that records each transaction in at least two accounts, ensuring the accounting equation is always balanced.

Market Values

The current price at which an asset or service can be bought or sold in the open market, influenced by supply and demand dynamics.