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Indicate whether the statement is true or false. 1. A corporation is a business that is legally separate and distinct from its owners. a. True b. False 2. The role of accounting is to provide many different users with financial information to make economic decisions. a. True b. False 3. Investing activities are those activities by which the company obtains funds to start and operate the business. a. True b. False 4. Managerial accounting information is used by external and internal users equally. a. True b. False 5. Senior executives cannot be criminally prosecuted for the wrongdoings they commit on behalf of the companies where they work. a. True b. False 6. Financial accounting provides information to all users, while the main focus for managerial accounting is to provide information to management. a. True b. False 7. Proper ethical conduct implies that you only consider what's in your best interest. a. True b. False 8. Some major fraudulent acts committed by senior executives started as what they considered to be small ethical lapses that grew out of control. a. True b. False
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