Chapter 01 - Instructor Homework - Solutions

Chapter 01 - Instructor Homework - Solutions -...

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Chapter 1 Homework   1)  1
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Managem ent accounting information focuses on external reporting. TRUE or FALSE   Answer:  
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FALSE  Explanation:  
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Management accounting  information focuses on  internal  reporting. 
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Diff: 1  Terms: 
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management  accounting  Objective: 
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AACSB: 
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Reflective thinking 5) 
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The  balance  sheet, income statement, and statement of cash flows are used for financial accounting, but not for management  accounting.  TRUE or FALSE   Answer:  
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FALSE  Explanation:  
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The balance sheet,  income statement, and  statement of cash flows  are used for financial  accounting and also for  management accounting. 
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Diff: 1  Terms: 
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financial  accounting  Objective: 
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AACSB: 
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Analytical skills 6) 
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Financial  accounting is broader in scope than management accounting.  TRUE or FALSE   Answer:  
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FALSE  Explanation:  
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Management accounting  is broader in scope than  financial accounting. 
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Diff: 2  Terms: 
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financial  accounting,  management  accounting  Objective: 
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AACSB: 
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Reflective thinking  62) 
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This note was uploaded on 11/19/2010 for the course ACCOUNTING Cost taught by Professor B during the Spring '10 term at Oakton.

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Chapter 01 - Instructor Homework - Solutions -...

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