Chapter 18 19. Which of the following is a focus of managerial accounting? A) to generate a company's financial statements for tax reporting B) to provide information to business managers to assist them in controlling their businesse C) to provide information to shareholders to assist them with their investment decisions D) to ensure that the reports produced for internal and external business purposes are GAAP compliant 20. Which of the following statements is TRUE of managerial accounting? A) The external stakeholders of a company are the primary users of managerial accounting, B) Managerial accounting information is used to help managers plan, direct and control their operations. C) An external audit by an independent CPA is required for managerial accounting information D) Managerial accounting information must comply with Generally Accepted Accounting Principles 21. Managerial accounting information for a company is primarily used by A) its customers to understand the pricing of the product B) its creditors to understand the credibility of the business C) its employees to plan, direct and control operations D) its investors to make their investment decisions 22. Which of the following statements is TRUE of financial accounting? A) It provides information to investors needed for their investment decisions. B) It provides future focused information needed for managing and delegating operations. C) It focuses on detailed reports for parts of the company rather than the whole company. D) It focuses on planning, directing and controlling day-to-day operations