A cost is a resource sacrificed or forgone to achieve a specific objective. TRUE OR FALSE

Managers use assigned cost information to make decisions and implement them.TRUE OR FALSE

The primary user of management accounting information is a(n) ____

Which of the following is true of financial accounting information?

It is prepared based on cost-benefit analysis

It is primarily used by managers to make internal business decisions.

It focuses on the past-oriented financial performance of a company.

It only measures the cash transactions of a company