(a) The following are actions associated with a firms accounting information system: No Action 1. Preparing financial reports that comply with generally accepted accounting principles. 2. Preparing a report that details profit by products. 3. Preparing a budget for direct materials purchases. 4. Voluntary reporting environmental costs to potential and existing investors. 5. Reporting on the trends in product defect rates to the plant manager. 6. Determining the cost of producing a new product. 7. Preparing a report that compares the actual costs of quality with the expected costs of quality. 8. Depreciating an asset used in manufacturing using its historical cost. 9. Determining how to consolidate the financial reports of two subsidiaries. 10. Assessing the cost of making versus buying a component of a product. Required: classify each of the actions as belonging to either managerial accounting or financial accounting. (Your answer should be stated as follows: Example: 12 Managerial or 13 Financial) (5 marks