Financial accounting information and managerial accounting information have a number of distinguishing characteristics, which are listed below.

1. General-purpose reports

2. Reports are used internally

3. Prepared in accordance with generally accepted accounting principles

4. Special-purpose reports

5. Limited to historical cost data

6. Reporting standard is relevant to the decision to be made

7. Financial statements

8. Reports generally pertain to the business as a whole

9. Reports generally pertain to subunits

10. Reports issued quarterly or annually

Instructions

For each of the characteristics listed above, indicate which characteristics are more closely related to financial accounting by placing the letter "F" in the space to the left of the item and indicate those characteristics that are more closely associated with managerial accounting by placing the letter "M" to the left of the item.