Read chapter 1 of the learner guide and complete the following True or False Quiz (Activity 3). Tick 'True' if the statement is correct, and 'False' if not. True False Financial accounting is concerned with external reporting to parties outside the firm. In contrast, managerial accounting is primarily concerned with providing information for internal management. 0 0 A profit and loss statement (P&L) is also known as a statement of profit and loss, income statement or income and expense statement. 0 0 There are three key methods for analysing financial data: horizontal analysis, vertical analysis and diagonal analysis. 0 0 Two things are mainly monitored and analyses when it comes to critical dates and initiatives: Business Plan and Cash Flow Trends. 0 0 One of the best ways to track an organisation's health is by analysing cash flow trends. Performing ratio analyses each month will give you a concrete way to measure how well your organisation is managing your cash. 0 0 The Australian Tax Office (ATO) is Australia's corporate, financial markets and financial services regulator. 0 0 Financial software are automated programs designed to assist and store financial operations of a business nature. 0 0