Student name:__________
TRUE/FALSE - Write 'T' if the statement is true and 'F' if the statement is false.
1) Managerial accounting information is designed primarily to assist investors and creditors
in deciding how to allocate scarce resources.
⊚ true
⊚ false
2) Information provided to decision makers in an organization is comprised only of the
accounting information generated by the organization’s information system.
⊚ true
⊚ false
3) All internal control systems need to be monitored.
⊚ true
⊚ false
4) A data analytics system is the integrated management of core business processes that an
organization can use to collect, store, manage, and interpret data across a wide range of business
activities.
, ⊚ true
⊚ false
5) Management accounting information is oriented toward the future while financial
accounting information is historical in nature.
⊚ true
⊚ false
6) Return on investment is the same as return of investment.
⊚ true
⊚ false
7) The IRS tax return is one of the primary financial statements.
⊚ true
⊚ false
,8) External users of accounting information have a financial interest in an entity but are not
involved with the day-to-day operations of the enterprise.
⊚ true
⊚ false
9) The tailoring of an accounting report to meet the needs of a specific decision maker is
more characteristic of financial accounting reports than of management accounting reports.
⊚ true
⊚ false
10) The annual financial statements of large corporations such as Microsoft or PepsiCo need
not be audited by independent certified public accountants, since these companies maintain large
accounting departments as part of their organizations.
⊚ true
⊚ false
11) The statement of financial position and the income statement are one and the same.
⊚ true
⊚ false
, 12) Investors are individuals and other enterprises that have provided equity to the reporting
enterprise.
⊚ true
⊚ false
13) A statement of cash flows depicts the way profits have changed during a designated
period.
⊚ true
⊚ false
14) Management accounting refers to the preparation and use of accounting information
designed to meet the needs of decision makers outside the business organization.
⊚ true
⊚ false
15) The content of management accounting reports needs to be presented in conformity with
generally accepted accounting principles.
TRUE/FALSE - Write 'T' if the statement is true and 'F' if the statement is false.
1) Managerial accounting information is designed primarily to assist investors and creditors
in deciding how to allocate scarce resources.
⊚ true
⊚ false
2) Information provided to decision makers in an organization is comprised only of the
accounting information generated by the organization’s information system.
⊚ true
⊚ false
3) All internal control systems need to be monitored.
⊚ true
⊚ false
4) A data analytics system is the integrated management of core business processes that an
organization can use to collect, store, manage, and interpret data across a wide range of business
activities.
, ⊚ true
⊚ false
5) Management accounting information is oriented toward the future while financial
accounting information is historical in nature.
⊚ true
⊚ false
6) Return on investment is the same as return of investment.
⊚ true
⊚ false
7) The IRS tax return is one of the primary financial statements.
⊚ true
⊚ false
,8) External users of accounting information have a financial interest in an entity but are not
involved with the day-to-day operations of the enterprise.
⊚ true
⊚ false
9) The tailoring of an accounting report to meet the needs of a specific decision maker is
more characteristic of financial accounting reports than of management accounting reports.
⊚ true
⊚ false
10) The annual financial statements of large corporations such as Microsoft or PepsiCo need
not be audited by independent certified public accountants, since these companies maintain large
accounting departments as part of their organizations.
⊚ true
⊚ false
11) The statement of financial position and the income statement are one and the same.
⊚ true
⊚ false
, 12) Investors are individuals and other enterprises that have provided equity to the reporting
enterprise.
⊚ true
⊚ false
13) A statement of cash flows depicts the way profits have changed during a designated
period.
⊚ true
⊚ false
14) Management accounting refers to the preparation and use of accounting information
designed to meet the needs of decision makers outside the business organization.
⊚ true
⊚ false
15) The content of management accounting reports needs to be presented in conformity with
generally accepted accounting principles.
