Indicate whether the following statements are true or false.

1. Managerial accountants explain and report manufacturing and nonmanufacturing costs, determine cost behaviours,and perform cost-volume-profit analysis, but are not involved in the budget process.
2. Financial accounting reports pertain to subunits of the business and are very detailed.
3. Managerial accounting reports must follow generally accepted accounting principles and are audited by charteredaccountants.
4. Managers' activities and responsibilities can be classified into three broad functions: planning, directing, andcontrolling,
5. As a result of the Sarbanes-Oxley Act of 2002, top managers must certify that the company maintains an adequatesystem of internal control.
6. Management accountants follow a code of ethics developed by the U.S. Institute of Management Accountants.