Answer only. Multiple choice

Scrutinize every statement and choose the best response: Statement 1: In preparing master budget, Cash budget and other balance sheet accounts are usually prepared first over income statement budget. Statement 2: Sales budget is constructed by multiplying expected sales in units by the selling price. Statement 3: Direct materials purchases budget in units can be computed by multiplying the budgeted production in units to standard direct materials per unit plus the estimated needed direct materials inventory at the end of the period and then by deducting estimated direct materials beginning in units present or expected at the start of the period All Statements are true O 1 statement is false All Statements are false O 2 statements are falseCorporate social responsibility is O More than the obligation to shareholders to earn profit O Effectively enforced through the controls envisioned by classical economics. O Defined as the obligation to shareholders to earn profit. O Defined as the obligation to serve long-term, organizational interests.The decision to drop a product line should be based on the ability of the firm to eliminate some fixed costs as result of dropping the product ( whether the fixed costs that can be avoided by dropping the product are less than the contribution margin that will be lost whether the fixed costs that can be avoided by dropping the product are greater than the contribution margin that will be lost the fact that the product line shows net loss over a several periodsManagerial accounting places less emphasis on and more emphasis on than financial accounting. Budget: Estimated data Planning: Nonmonetary data Precision: Nonmonetary data Estimates: Actual dataFinancial manager/management accountants are obligated to maintain the highest standards of ethical conduct. Accordingly, the Code of Ethics for management accountants explicitly requires that they Adhere to generally accepted accounting principles. O Obtain sufficient competent evidence when expressing an opinion. O Not condone violations by others. @ Comply with generally accepted auditing standards. Next