Words of Wisdom:



  • Date Submitted: 01/31/2016 12:03 PM
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Chapter 01
Managerial Accounting Concepts and Principles


True / False Questions

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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