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Chapter 01: Introduction to Accounting and Business Indicate whether the statement is true or false. 1. The role of accounting is to provide many different users with financial information to assess the economic performance of a business. a. True b. False 2. Investing activities are those activities by which the company obtains funds to start and operate the business. a. True b. False 3. Managerial accounting information is used by external and internal users equally. a. True b. False 4. Senior executives cannot be criminally prosecuted for the wrong-doings they commit on behalf of the companies where they work. a. True b. False 5. Financial accounting provides information to all users, while the main focus for managerial accounting is to provide information to management. a. True b. False 6. Proper ethical conduct implies that you only consider what's in your best interest. a. True b. False 7. Some of the major fraudulent acts by senior executives started as what they considered to be small ethical lapses that grew out of control. a. True b. False 8. A business is an organization in which basic resources or inputs, like materials and labor, are assembled and processed to provide outputs in the form of g
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