Question 1In order to be useful to managers, management accounting reports should possess all of the following characteristics EXCEPT:provide objective measures of past operations and subjective estimates about future decisionsbe prepared in accordance with generally accepted accounting principlesbe provided at any time management needs informationbe prepared to report information for any unit of the business to support decision makingQuestion 2Who are the individuals charged with the responsibility for directing the day-to-day operations of a business?InvestorsManagersEmployeesCustomersQuestion 3What is the primary criterion for the preparation of managerial accounting reports?Relevance of the reportsMeet the manager needsTiming of the reportsCost of the reportsQuestion 4Which of the following is most associated with financial accounting?Can have both objective and subjective information.Can be prepared periodically, or as needed.Prepared in accordance with GAAPCan be prepared for the entity or segment.Question 5Managerial accounting reports must be useful to the user of the information.TrueFalseQuestion 6Planning is the process of setting goals for the use of an organization’s resources and of developing ways to achieve these goals.TrueFalseQuestion 7Managerial accounting provides useful information to managers on product costs.TrueFalseQuestion 8Since there are few rules to restrict how an organization chooses to arrange its own internal data for decision making, managerial accounting provides ample opportunity for creativity and change.TrueFalse