Final answer:
Managerial accounting reports are indeed special-purpose documents designed to inform internal management and can be issued as frequently as required, true to the student's question. They cater to the specific needs of management and do not follow a standard reporting schedule.
Step-by-step explanation:
The statement, 'Managerial accounting reports are special-purpose and issued as frequently as needed', is True. Managerial accounting focuses on providing information within the company so that its management can operate the company more effectively. Managerial accounting reports are indeed designed for special purposes and are not governed by any standard time frames.
Therefore, these reports can be generated and distributed internally as often as management needs them. This could mean daily, weekly, monthly, or even on a real-time basis, depending on the specific issues and decisions at hand.
An example of managerial accounting reports includes budget reports, which compare actual results to the planned figures. Internal financial analysis reports, performance reports, and cost reports are other examples; all of these can provide crucial and timely information to enable managers to make informed decisions.