(Difference between financial and management accounting) The words and phrases below describe or are associated with either financial (F) or management (M) accounting. Indicate for each item with which system it is most closely associated.

a. FASB

b. Relevant

c. CASB

d. Verifiable

e. Focus on parts of organization rather than whole organization

f. Emphasis on consistency of information between periods g. Historical h. Internal focus i. SEC j. Future oriented k. Emphasis on timeliness 1. External focus m. Cost-benefit analysis n. Flexible in meeting user needs.

LO2