1. Managerial accounting is primarily concerned with providing information to external users, while financial accounting is used for internal decision making. True / False

2. The Institute of Management Accountants (IMA) administers the CMA exam. True / False

3. Finished Goods inventory includes all items that have been completed but have not yet been sold to customers. True / False

4. Cost of goods manufactured = Ending Work in Process + Beginning Work in Process - Total Manufacturing Costs. True / False

5. Direct materials and conversion costs are usually tracked separately when determining equivalent units of production. True / False