Basics Indicate whether the following statements are true or false.
1. Managerial accountants have a single role within an organization, collecting and reporting costs to management.
2. Financial accounting reports are general purpose and intended for external users.
3. Managerial accounting reports are special purpose and issued as frequently as needed.
4. Managers’ activities and responsibilities can be classified into three broad functions: cost accounting, budgeting, and internal control.
5. As a result of the Sarbanes Oxley Act of 2002, managerial accounting reports must now comply with generally accepted accounting principles (GAAP).
6. Top managers must certify that a company maintains an adequate system of internal controls.