True of False:

1) reports prepared in financial accounting are general purpose reports, whereas reports prepared in managerial accounting are usually special-purpose reports.

2) managerial accounting information generally pertains to an entity as a whole and is highly aggregated.

3) Managerial accounting applies to all forms of business organizations.

4) determining the unit cost of manufacturing a product is an output of financial accounting.

5) Managerial accounting internal reports are prepared more frequently than are classified financial statements.

6) the management function of organizing and directing is mainly concerned with setting goals and objectives for the entity.

7) the Sarbanes-Oxley Act replaces generally accepted accounting principles in a manufacturing company.

8) controlling is the process of determining whether planned goals are being met.

9) decision-making is an integral part of the planning, directing, and controlling functions.

10) direct materials costs and indirect materials costs are manufacturing overhead.