Classify each of the following statements as true or false. In each case, provide reasons to explain your answer.
1. Management accounting systems provide managers with all the information they need to make decisions.
2. Management accounting systems need to be flexible enough to provide information for financial statements.
3. Management accounting systems may draw on data that are internal and external to the organisation.
4. Management accounting systems are concerned with the quality of products produced by the organisation.
5. Management accounting systems need to produce information that is objective and verifiable.