For Each of the Following, Indicate Whether the Statement Relates

question 76

Essay

For each of the following, indicate whether the statement relates to managerial accounting (MA) or financial accounting (FA):
$\begin{array}{l|l}\text { Statement } & \begin{array}{c}\text { Applies to } \\\text { MA or FA }\end{array} \\\hline \text { How reports will affect employee behavior is a } & \\\text { concern. } & \\\hline \text { Summary reports are prepared primarily on the } & \\\text { company as a whole, usually on a quarterly or annual } & \\\text { basis. } & \\\hline \text { Relevant information and focus on the future. } & \\\hline \text { Primary users include investors, creditors, and } & \\\text { government authorities. } & \\\hline \text { There is no requirement to follow GAAP. } & \\\hline\end{array}$

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Definitions:

WTO

World Trade Organization, an intergovernmental organization that regulates international trade by providing a framework for negotiating trade agreements and a dispute resolution process to enforce participants' adherence to trade agreements.

IMF

The International Monetary Fund, an international organization designed to ensure the stability of the international monetary system, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty.

Domestic Output

The total value of all goods and services produced within a country's borders in a specific time period, also known as Gross Domestic Product (GDP).

Arsenal of Democracy

A phrase used by President Franklin D. Roosevelt during World War II, describing the United States' role in supplying Allied nations with military materials.