Chapter 1, Problem 4EB

Marvin has been thinking about the fields of managerial and financial accounting and the functions of management within an organization. He has the following list of statements to understand. Identify them as true or false.

A. Managerial accounting reports are prepared only quarterly and annually.

B. Financial accounting reports are general-purpose reports.

C. Managerial accounting reports pertain to subunits of the business.

D. Managerial accounting reports must comply with GAAP.

E. The company treasurer reports directly to the vice president of operations.