Identify the following statements as either True or False: 1. Financial accounting reports pertain to the entity as a whole, whereas managerial accounting focuses more on subunits of the organization. 2. organization. Staff positions are directly involved in the company's primaty revenue- generating activities. 3. Managerial reports are prepared on an as needed basis.  4. Both managerial accounting and financial accounting deal with many of the same economic events. 5. Financial accounting reports are typically general purpose reports. 6. Financial accounting reports often must be audited at least annually by an independent auditor. 7. Preparation of budget is part of financial accounting. 8. Managerial accounting reports must comply with the rules in place by the FASB. 9. Managerial accounting applies only to merchandising and manufacturing companies. 10. The main users of the financial accounting information are the internal users
Identify the following statements as either True or False: 1. Financial accounting reports pertain to the entity as a whole, whereas managerial accounting focuses more on subunits of the organization. 2. organization. Staff positions are directly involved in the company's primaty revenue- generating activities. 3. Managerial reports are prepared on an as needed basis.  4. Both managerial accounting and financial accounting deal with many of the same economic events. 5. Financial accounting reports are typically general purpose reports. 6. Financial accounting reports often must be audited at least annually by an independent auditor. 7. Preparation of budget is part of financial accounting. 8. Managerial accounting reports must comply with the rules in place by the FASB. 9. Managerial accounting applies only to merchandising and manufacturing companies. 10. The main users of the financial accounting information are the internal users
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Identify the following statements as either True or False:
1. Financial accounting reports
pertain to the entity as a whole, whereas managerial accounting focuses more on subunits of the organization.
2. organization.
Staff positions are directly involved in the company's primaty
revenue- generating activities.
3. Managerial reports are prepared on an as needed basis. 
4. Both managerial accounting and financial accounting deal with many of the same economic events.
5. Financial accounting reports are typically general purpose reports.
6. Financial accounting reports often must be audited at least annually by an independent auditor.
7. Preparation of budget is part of financial accounting.
8. Managerial accounting reports must comply with the rules in place by the FASB.
9. Managerial accounting applies only to merchandising and manufacturing companies.
10. The main users of the financial accounting information are the internal users. 
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