Question $46$

The major difference between the financial reporting system $($FRS$)$ and the management reporting system $($MRS$)$ is $t$

FRS provides information to internal and external users; the MRS provides information to internal users

FRS provides discretionary information; the MRS provides nondiscretionary information

FRS reports are prepared using information provided by the general ledger system; the MRS provides information to the general ledger system

FRS reports are prepared in flexible, nonstandard formats; the MRS reports are prepared in standardized, formal formats