BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Answer and Explanation: False, Managerial accounting is designed to satisfy the needs of internal users, which is the management. The needs of external users such as creditors, regulators and investors are satisfied by financial accounting reports and statements that companies are mandated to release to the public.

Detailed explanation-2: -Financial accounting provides information to meet the needs of EXTERNAL users. The three general-purpose financial statements are the balance sheet, the income statement, and the statement of cash flows.

Detailed explanation-3: -The correct answer is false. The given statement is false because managerial accounting gives essential information to internal users.

Detailed explanation-4: -Because managerial accounting is not for external users, it can be modified to meet the needs of its intended users. This may vary considerably by company or even by department within a company.

Detailed explanation-5: -Managerial accounting is a field of accounting that provides economic and financial information for managers and other internal users.