Indicate whether each of the following is characteristic of financial accounting reports, management accounting reports, or both.
1. They are used primarily by creditors and investors.
2. They aid management in identifying problems.
3. They are based on generally accepted accounting principles.
4. They are standardized across companies.
5. They provide information for decision making by management.
6. They measure performance and isolate differences between planned and actual results.
7. They are created based on competitive needs that are unique to the organization.