Q1 - Ch 1 : Introduction to MA

Reports prepared in financial accounting are general-purpose reports, whereas reports prepared in managerial accounting are usually special-purpose reports.

• TRUE

• FALSE

Managerial accounting information generally pertains to an entity as a whole and is highly aggregated.

• TRUE

• FALSE

Managerial accounting applies to all forms of business organizations.

• TRUE

• FALSE

Determining the unit cost of manufacturing a product is an output of financial accounting.

• TRUE

• FALSE

Managerial accounting internal reports are prepared more frequently than are classified as financial statements.

• TRUE

• FALSE

The management function of organizing and directing is mainly concerned with setting goals and objectives for the

• TRUE

• FALSE

Controlling is the process of determining whether planned goals are being met.

• TRUE

• FALSE

Decision-making is an integral part of the planning, directing, and controlling functions.

• TRUE

• FALSE

Managerial accounting is primarily concerned with managers and external users.

• TRUE

• FALSE

Planning involves coordinating the diverse activities and human resources of a company to produce a smooth-running operation.

• TRUE

• FALSE