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Which of the following statements is FALSE? A) Financial accounting provides sufficient

Which of the following statements is FALSE? A) Financial accounting provides sufficient

 Which of the following statements is FALSE?

A) Financial accounting provides sufficient information for managers to effectively plan and control operations.

B) Financial accounting reports help creditors make decisions.

C) Financial accounting helps investors make decisions.

D) Financial accounting provides external reports.

22) Which of the following is TRUE?

A) Managerial accounting reports are audited by CPAs.

B) Managerial accounting reports provide detailed internal information.

C) Managerial accounting reports aid potential investors.

D) Managerial accounting reports must follow GAAP.

23) Which of the following are the internal decision-makers of a company?

A) Vendors

B) Customers

C) Managers

D) Shareholders

24) Which of the following reports must be audited by an outside agency?

A) Annual financial statements

B) Monthly financial statements

C) Annual financial budgets

D) All of the above

25) Which of the following groups are external users of financial information?

A) Customers of the company

B) Vendors of the company

C) Potential investors of the company

D) All of the above

26) Which of the following groups are most likely to use a company's budget information?

A) Managers

B) Customers

C) Creditors

D) Suppliers

27) Decision makers inside a company are its:

A) creditors.

B) customers.

C) managers.

D) shareholders.

28) Owners of a company are its:

A) creditors.

B) customers.

C) managers.

D) shareholders.

29) Information for external parties about past performance is provided by:

A) budget reports.

B) financial accounting reports.

C) managerial accounting reports.

D) planning reports.

30) Information for internal parties about past performance is provided by:

A) budget reports.

B) financial accounting reports.

C) managerial accounting reports.

D) planning reports.

Tripti 07-Dec-2019

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