1. One difference between financial and managerial accounting is that a. Financial accounting has restrictions on the sources of data that can be used b. Managerial accounting can use any method of analysis that helps decision-makers c. Financial accounting reports periodically, but managerial accounting reports continuously d. All of the above e. None of the above 2. One commonality between financial and managerial accounting is the a. Focus on past events and present condition b. Purpose to provide for the needs of the users c. Purpose of providing information to external stakeholders d. Emphasis on planning e. None of the above 3. The managerial accountant must Provide decision support information and recommendations that are accurate, clear, concise, and timely. Recognize and help manage risk. According to the IMA Statement of Ethical Professional Practice, this is included in the category of a. Competence b. Confidentiality c. Integrity d. Credibility e. None of the above 4. In managerial accounting, ERM is a. The process of identifying risks and developing responses to them b. The requirement that executive pay is allocated across subsidiary units c. An employee incentive plan that encourages goal congruence d. All of the above e. None of the above 5. Confirmation bias a. Reduces uncertainty by requiring confirmation before taking action b. Is demonstrated when people pay greater attention to information that confirms their preconceived notions c. Is the statistical means by which bias is confirmed and adjusted for d. Is the means by which unfair advantage is achieved through arbitrage opportunities e. None of the above