Justin Bleeber has prepared the following list of statements about managerial accounting, financial accounting, and the functions of management.Identify each statement as true or false.1. Financial accounting focuses on providing information to internal users. TrueFalse2. Staff positions are directly involved in the company’s primary revenue-generating activities. TrueFalse3. Preparation of budgets is part of financial accounting. TrueFalse4. Managerial accounting applies only to merchandising and manufacturing companies. TrueFalse5. Both managerial accounting and financial accounting deal with many of the same economic events. TrueFalse6. Managerial accounting reports are prepared only quarterly and annually. TrueFalse7. Financial accounting reports are general-purpose reports. TrueFalse8. Managerial accounting reports pertain to subunits of the business. TrueFalse9. Managerial accounting reports must comply with generally accepted accounting principles. TrueFalse10. The company treasurer reports directly to the vice president of operations. TrueFalse

The focus of financial accounting is to provide information to both internal as well as external…

Answered: Justin Bleeber has prepared the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Justin Bleeber has prepared the following list of statements about managerial accounting, financial accounting, and the functions of management.

Identify each statement as true or false.

1.	Financial accounting focuses on providing information to internal users.	TrueFalse
2.	Staff positions are directly involved in the company’s primary revenue-generating activities.	TrueFalse
3.	Preparation of budgets is part of financial accounting.	TrueFalse
4.	Managerial accounting applies only to merchandising and manufacturing companies.	TrueFalse
5.	Both managerial accounting and financial accounting deal with many of the same economic events.	TrueFalse
6.	Managerial accounting reports are prepared only quarterly and annually.	TrueFalse
7.	Financial accounting reports are general-purpose reports.	TrueFalse
8.	Managerial accounting reports pertain to subunits of the business.	TrueFalse
9.	Managerial accounting reports must comply with generally accepted accounting principles.	TrueFalse
10.	The company treasurer reports directly to the vice president of operations.	TrueFalse

Process of recording, summarizing, and analyzing financial information to prepare financial statements, and making them available to stakeholders, thereby enabling them to make an informed decision about the company. Financial reporting is an extension of financial accounting that deals with the presentation of financial information in accordance with the requirements of prescribed accounting standards.

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