1. Much of managerial accounting is directed at gathering useful information about costs for planning and control decisions.
True False
2. Control is the process of setting goals and determining ways to achieve them.
True False
3. Managerial accounting is an activity that provides financial and nonfinancial information to an organization's managers and other internal decision makers.
True False
4. One of the usual differences between financial and managerial accounting is the time dimension of the information reported.
True False
5. Managerial accounting information can be forwarded to the managers of a company quickly since external auditors do not have to review it, and estimates and projections are acceptable.
True False
6. One difference between financial and managerial accounting is that the external users that use financial information must plan a company's future, but the internal users of managerial accounting information generally must decide whether to invest in or lend to a company.
True False
7. Financial accounting relies on accepted principles that are enforced through an extensive set of rules and guidelines; on the other hand, managerial accounting systems are flexible.
True False
8. The focus of financial accounting is on an organization's projects, processes, and subdivisions, and the focus of managerial accounting is on the whole organization.
True False
9. Both financial and managerial accounting report monetary...
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