Answer True or False for each statement:

Business systems maintain highly granular information about each business transaction through and even after its completion. Business systems automatically revise budgets by account as actuals are accumulated and variances occur. Managerial accounting books are the intemal records used for the day-to-day management of the business. The General Ledger and Chart of Accounts are critical in enabling companies to develop meaningful budgets. The chart of accounts presents accounts in the General, Subsidiary and Managerial Ledgers in a color-coded graphical presentation. The subsidiary ledger bills the customer for the goods or services received