Answered: TRUE or FALSE. Write on the table…

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter2: Financial Statements And The Annual Report

Section: Chapter Questions

Problem 2.11E

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TRUE or FALSE. Write on the table provided above the word “TRUE” if the statement is correct and write the word “FALSE” if the statement is incorrect. 1. Published financial statements show costs classified by behavior. 2. Generally accepted accounting principles govern financial accounting but not managerial accounting 3. Economic events are the raw data for both financial and managerial accounting. 4. Internal financial statements must be prepared using generally accepted accounting principles. 5. The form and content of reports can influence decisions made by managers. 6. Management-by-objectives and management-by-exception are two names for the same general management principle. 7. "Pro forma" is the name given to an income statement that classifies costs by function. 8. Some managerial accounting reports contain costs not incorporated in the basic accounting system. 9. A professional examination exists to test the competence of financial accountants, but not of managerial accountants. 10. Managerial accountants should, but have no obligation to, maintain their professional skills.

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