1. Managerial and other intermal decision makers ecounting is an activity that provides financial and nonfinancial information to an organization's managers True Failse a company's future, but the intmaagerial accounting is that the external users that use financial information must plan lend to a company 2. One difference between financial and is that users of managerial accounting information generally must decide whether to invest in or True False 3. Financial accounting relies on accepted principles that are enforced through an extensive set flexible. other hand, managerial accounting systems are True False 4. The focus of financial accounting is on an organization's projects, processes, and subdivisions, and the focus of managerial accounting is on the whole organization. True False 5. The orientation of just-in-ti ime manufacturing is that products are "puliled" through the manufacturing process by the orders received from customers. True False The concept of total quality management focuses on continuous improvement. True False 6 7. Th i principle of the lean busines model is the elimination of waste of every kind while satisfying providing a positive return to the company. True False S. Under a just-in-ime manufacturing system, large qunities of invreatory are accumualated troughout the factory to be certai that needed components are available each time that they are needed True False The Institute of Management Accountants Statement of Ethical Professional Practice requires that 9 competent and act with integrity True False Direct materials are not usually easily traced to a product. True False 10. wrstage mventory, and ventory divided by cost of goods sold, for l goods inventory. (To compute turnover and days' sales use taw materials used rather than cost of goods sold.) Discuss some difterences btween these ratios for the two types of inventories. Round answers