Following is a list of statements about managerial accounting and financial accounting. Indicate whether the statement is true or false.

1.		Financial accounting focuses on providing information to external users.		select an option FalseTrue
2.		Analyzing cost-volume-profit relationships is part of managerial accounting.		select an option TrueFalse
3.		Part of managerial accounting is evaluating the impact on decision-making of alternative approaches for costing inventory.		select an option TrueFalse
4.		Preparation of budgets is part of financial accounting.		select an option TrueFalse
5.		Managerial accounting applies only to service and manufacturing companies.		select an option FalseTrue
6.		Financial accounting reports are prepared quarterly and annually.		select an option FalseTrue
7.		Managerial accounting reports are general-purpose reports.		select an option FalseTrue
8.		Managerial accounting reports pertain to subunits of the business.		select an option FalseTrue
9.		Managerial accounting reports must comply with generally accepted accounting principles.		select an option TrueFalse
10.		There are independent audits required for managerial accounting.