Managerial accounting reports and information are used by external users and financial accounting by internal users True O False QUESTION 6 Both financial and managerial accounting rely on generally accepted accounting principles that are enforced through an extensive set of rules and guidelines. True False ^ QUESTION 7 The focus of managerial accounting information is on the organization as a whole 1) O True O False QUESTION 8 g is the process of setting goals and making plans to achieve them. 1) Plannin False