Managerial accounting applies to all types of businesses, including service, merchandising, and manufacturing, as well as to all forms of business organizations.

 True

 False - ANSWER True

Financial and managerial accounting are similar in that bothproduce general-purpose reports.

 deal with the economic events of an enterprise.

 have the same primary users.

 have reports that are prepared quarterly and annually. - ANSWER deal with the economic events of an enterprise.

Managerial accounting applies to each of the following types of businesses except

 manufacturing firms.

 service firms.

 managerial accounting applies to all types of firms.

 merchandising firms. - ANSWER managerial accounting applies to all types of firms.

Managerial accounting information is generally prepared for regulatory agencies.

 managers.

 stockholders.

 creditors. - ANSWER managers.

Managerial accounting does not encompass

 profit planning.

 calculating product cost.

 calculating earnings per share.

 determining cost behavior. - ANSWER calculating earnings per share.

Managerial accounting is applicable to

 service entities.

 manufacturing entities.

 not-for-profit entities.

 all of these. - ANSWER all of these.

Management accountants would not

 assist in budget planning.

 prepare reports primarily for external users.

 determine cost behavior. - ANSWER prepare reports primarily for external users.

Internal reports must be communicated

 annually.

 daily.

 monthly.

 as needed. - ANSWER as needed.