Date: Name: 1. Financial accounting stresses accounting concepts and procedures that are relevant to preparing reports for internal users of accounting information, A) True B) False 2. The goal of managerial accounting is to provide information for planning, controlling, and reporting information to shareholders. A) True B) False 3. A thorough understanding of managerial accounting is essential to be an effective manager. A) True B) False 4. A production cost budget provides details of planned production amounts and the cost of resources needed for production. A) True B) False 5. Budgets can be used to communicate a company's goals to employees. A) True B) False 6. Managerial accounting is directed at internal users of accounting information A) True B) False 7. Financial accounting must follow generally accepted accounting principles, whereas managerial accounting stresses information that is useful to managers. A) True B) False 8. Managerial accounting may present more detailed information than financial accounting A) True B) False