1 Accounting information users need reports about the economic activities and condition of businesses. True False 10 points Question 2 Financial accounting provides information to all users, while the main focus for managerial accounting is to provide information to the management. True False 10 points Question 3 Some of the major fraudulent acts by senior executives started as what they considered to be small ethical lapses which grew out of control. True False 10 points Question 4 Managerial accounting is primarily concerned with the recording and reporting of economic data and activities of an entity for use by owners, creditors, governmental agencies, and the public. True False 10 points Question 5 The financial statements of a proprietorship should include the owner's personal assets and liabilities. True False 10 points Question 6 Drawings are an example of an expense. True False 10 points Question 7 The double-entry accounting system records each transaction twice. True False 10 points Question 8 The increase side of all accounts is the normal balance. True False 10 points Question 9 The normal balance of an expense account is a credit. True False 10 points Question 10 The process of transferring the data from the journal to the ledger accounts is posting. True False 10 points Save and Submit