Final answer:
The statement that managerial accounting reports are special-purpose and issued as frequently as needed is true. These reports are tailored to management's needs and do not adhere to a fixed reporting schedule, allowing for timely decision-making support.
Step-by-step explanation:
The statement is true. Managerial accounting reports are indeed special-purpose and issued as frequently as needed. Unlike financial accounting, which produces reports primarily for external stakeholders, managerial accounting generates information that is used internally by management for the purpose of decision-making, planning, and controlling operations. Since the needs of management can vary from day to day or even hour by hour, managerial accounting reports are not bound by any set reporting standards or schedules and can be tailored to specific managerial requirements.
The flexibility of managerial accounting allows managers to receive reports that are timely and relevant to the particular issues or decisions at hand. For example, a manager may receive a daily production cost report to closely monitor a critical aspect of the business or request a special report for an unexpected situation that requires immediate attention. This adaptability is a key feature of managerial accounting practices.