AUT CISCO 1. Determine if each description relates to financial or managerial accounting a. Reports are prepared according to inquiries made of management. b. Reports focus on the company as a whole. c. Management uses the report, along with parties outside of the company. 2. A company is looking to increase its gross profit by reducing costs for the upcoming periods. To further investigate, the production manager pulls reports that detail costs in the previous year. After discussions with the purchasing manager, he creates a budget based on assumptions and estimates. Is the manager using managerial or financial accounting? 3. An investor researching profitable companies pulls quarterly reports of various corporations. The reports are prepared according to GAAP with objective information and focus on the business as a whole. Are the eports prepared using managerial or financial accounting