Chapter 1, Problem 2EB

Identify the following as true or false:

1. Financial accounting reports are not released to external users.
2. Managerial accounting reports are not used by employees inside the organization.
3. Managerial accounting reports include only monetary information.
4. Financial accounting reports are monetary in nature.
5. If a result of a company’s operations is nonmonetary in nature, it must be converted to monetary units for managerial reporting.
6. Tax authorities and government regulatory agencies are external users of financial information.