Please give the answer and explanation to each question. Thanks a lot!

1. The basic difference between management and financial accounting is that:

   1. Financial accounting relies on information gathered from sources outside the business, whereas management accounting relies on internally generated information.

   2. The financial accounting system relies on accounting information, whereas management accounting does not.

   3. Financial accounting is concerned with providing information to outsiders, whereas management accounting does not.

   4. financial accounting is concerned with providing information to outsiders, whereas management accounting is concerned with providing information to managers for their use in directing the activities of the organization

   5. None of the above is correct

2. Financial statement users assess a businesss liquidity and solvency to see whether a business is generating enough cash to pay its debts.

   1. True

   2. False

3. The operating cash flow margin describes how much net cash the business generated from each dollar of net assets.

   1. True

   2. False

4. The Global Reporting Initiative is continually being updated and improved through a process of consensus.

   1. True

   2. False

5. Which of the following transactions for July represents revenue for the month?

   1. Collected cash of $5000 from an account receivable outstanding since February

   2. Borrowed $60,000 from the bank, repayable over two years

   3. Completed architectural services for $30,000, payable in seven days

   4. Collected $1000 in advance for architectural services to be provided in August