Chapter 1--Introduction to Cost Management Student: ___________________________________________________________________________ 1. An accounting information system collects, records, summarizes, analyzes, and manages data to transform inputs into information that is provided to users. True False 2. The two major subsystems of the accounting information system are the financial accounting information system and the cost management accounting information system. True False 3. The cost management information system is primarily concerned with producing outputs for external users. True False 4. The three broad objectives of financial accounting information systems are to provide information for costing out services and products, planning and control, and decision making. True False 5. Preparing reports for division managers is an activity associated with the cost management information system. True False 6. The cost management information system has two major subsystems: the cost accounting information system and the operational control information system. True False