1. Managerial accounting reports must be prepared according to generally accepted accounting principles.
a. True
b. False
ANSWER: False
2. Managerial accounting uses only past data in reports to aid management in the decision-making process.
a. True
b. False
ANSWER: False
3. Managerial accounting information includes both historical and estimated data.
a. True
b. False
ANSWER: True
4. Although finance and accounting professionals often work within verticals and other horizontals, they do not normally report directly to the heads of those units or departments.
a. True
b. False
ANSWER: True
5. A diagram of the operating structure of an organization is called an organization chart.
a. True
b. False
ANSWER: True
a. True
b. False
ANSWER: False
2. Managerial accounting uses only past data in reports to aid management in the decision-making process.
a. True
b. False
ANSWER: False
3. Managerial accounting information includes both historical and estimated data.
a. True
b. False
ANSWER: True
4. Although finance and accounting professionals often work within verticals and other horizontals, they do not normally report directly to the heads of those units or departments.
a. True
b. False
ANSWER: True
5. A diagram of the operating structure of an organization is called an organization chart.
a. True
b. False
ANSWER: True