: 1 1. (a) "Managerial accounting is a field of accounting that provides economic information for all interested parties." Do you agree? Explain. (b) Joe Delong believes that managerial accounting serves only manufacturing fi rms. Is Joe correct? Explain. 2. Distinguish between managerial and financial accounting as to (a) primary users of reports, (b) types and frequency of reports, and (c) purpose of reports. 3. How do the content of reports and the verification of reports differ between managerial and financial accounting