1. Indicate whether the following statements are true or false:

a. Managerial accounting information is designed primarily to meet the needs of external users such as shareholders, creditors, and the general public.

b. Managerial accounting reports must be prepared for the business as a whole.

c. Operational planning develops short-term actions for managing the day-to-day operations of the company.

2. Three phases of the management process are planning, controlling, and improving. Match the following descriptions to the proper phase:

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Phase of Management Process Planning Controlling Improving Description a. Monitoring the operating results and comparing the actual results with expected results b. Rejects solving problems with temporary solutions that fail to address the root cause of the problem c. Used by management to develop the company's objectives