Eb4.
lo 1.3marvin has been thinking about the fields of managerial and financial accounting and the functions of management within an organization. he has the following list of statements to understand. identify them as true or false.

managerial accounting reports are prepared only quarterly and annually.
financial accounting reports are general-purpose reports.
managerial accounting reports pertain to subunits of the business.
managerial accounting reports must comply with gaap.
the company treasurer reports directly to the vice president of operations.

Listed below are several transactions that took place during the first two years of operations for the law firm of pete, pete, and roy. year 1 year 2amounts billed to clients for services rendered $ 170,000 $ 220,000 cash collected from clients 160,000 190,000 cash disbursements salaries paid to employees for services rendered during the year 90,000 100,000 utilities 30,000 40,000 purchase of insurance policy 60,000 0 in addition, you learn that the company incurred utility costs of $35,000 in year 1, that there were no liabilities at the end of year 2, no anticipated bad debts on receivables, and that the insurance policy covers a three-year period. required: 1. & 3. calculate the net operating cash flow for years 1 and 2 and determine the amount of receivables from clients that the company would show in its year 1 and year 2 balance sheets prepared according to the accrual accounting model.2. prepare an income statement for each year according to the accrual accounting model.