True (T) or False (F): T F 1. Management accounting provides economic and financial information for external users such as shareholders, creditors and banks. 2. Financial accounting provides information for managers and other internal users. 3. Financial accounting reports past results.

True (T) or False (F): T F 1. Management accounting provides economic and financial information for external users such as shareholders, creditors and banks. 2. Financial accounting provides information for managers and other internal users. 3. Financial accounting reports past results.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter3: Accrual Accounting

Section: Chapter Questions

Problem 1MCQ: Which of the following statements is true? Under cash-basis accounting, revenues are recorded when a...

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Question

Answer these true and false questions

True (T) or False (F):
T
F
1. Management accounting provides economic
and financial information for external users
such as shareholders, creditors and banks.
2. Financial accounting provides information for
managers and other internal users.
3. Financial accounting reports past results.
4. Management accounting is future oriented.
5. Management accounting is required to follow
generally accepted accounting principles.
6. Financial accounting examines monetary and
non-monetary events.
7. Cost accounting is used as a means of fixing
a selling price.
8. Cost accounting looks at the company as a
whole and not at the various units, jobs or
processes.
9. Financial accounting is concerned with how
and why profits arise.
10. Cost accounting depends entirely on historical
information
O O O
O O
O O
O O O
O O

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