1. Financial accounting focuses on providing information to external users. 2. Analyzing cost-volume-profit relationships is part of managerial accounting. 3. Part of managerial accounting is evaluating the impact on decision-making of alternative approaches for costing inventory. 4. Preparation of budgets is part of financial accounting. 5. Managerial accounting applies only to service and manufacturing companies. 6. Financial accounting reports are prepared quarterly and annually. 7. Managerial accounting reports are general-purpose reports. 8. Managerial accounting reports pertain to subunits of the business. 9. Managerial accounting reports must comply with generally accepted accounting principles. 10. There are independent audits required for managerial accounting.