Indicate Whether Each of the Following Statements About Accounting Information

question 3

Short Answer

Indicate whether each of the following statements about accounting information is true or false
_______ a) Financial accounting is primarily intended to satisfy the information needs of external resource providers.
_______ b) Financial accounting information is useful only to banks and stockholders.
_______ c) The accounting information intended to satisfy the needs of a company's employees is managerial accounting information.
_______ d) GAAP requires that companies adhere to managerial accounting standards.
_______ e) Managerial accounting information is usually more detailed than financial accounting information.

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Definitions:

Society

A group of individuals involved in persistent social interaction, or a large social grouping sharing the same geographical or virtual territory, subject to the same political authority and dominant cultural expectations.

Reciprocity

The obligation to return in kind what another has done for us.

Neighbor

An individual who lives near or next to another; in a broader sense, anyone with whom one shares a close proximity geographically.

Ill

In poor health or suffering from a disease or ailment.