Final answer:
The two broad types of accounting reports prepared by management are formal reports, which are highly structured and used for external and internal purposes, and informal reports, which are less structured and used for internal communication.
Step-by-step explanation:
The two broad types of accounting reports prepared by management are formal reports and informal reports. Formal reports include structured documents such as lab reports, research reports, and proposals that often require extensive analysis and documentation. These reports serve various purposes in business settings, ranging from presenting financial statements to stakeholders to making internal strategic decisions.
On the other hand, informal reports are typically less structured and may consist of memos, emails, or brief summaries. They are more common for internal communication within an organization and usually require less preparation and formality. Examples of informal reports include progress reports, incident reports, and meeting summaries.