Chapter 1 The Accountant's Role in the Organization -TRUE/FALSE- 1) Management accounting information focuses on external reporting. 2) Cost management is narrowly focused on a continuous reduction of costs. 3) Managers always require the information in an accounting system to be presented in the same format. Modern cost accounting plays a significant role in management decision making 5) The balance sheet, income statement, and statement of cash flows are used for financial accounting, but not for management accounting. 6) Financial accounting is broader in scope than management accounting