Question

Managerial accountants have a single role within an organization, collecting and reporting costs to management

True/ False

Answer 1

The claim that proprietors in a proprietary colony had no responsibilities other than collecting profits is false; they held several administrative and governing responsibilities.

Step-by-step explanation:

The statement that in a proprietary colony, the Proprietors have no responsibilities except to collect the profits is False. Proprietors in a proprietary colony had numerous responsibilities, including governing the colony and overseeing its administration.

They were charged with upholding the laws and order of the colony, managing relations with Indigenous peoples, and ensuring the colony's overall success and prosperity, which went far beyond merely collecting profits.