Below you will find statements about accounting information. Mark each statement (under Type) with an M if it pertains more to managerial accounting and an F if it pertains more to financial accounting. Below each statement write a short explanation of your choice

1. Information is used by shareholders and potential shareholders.

2. Information is provided in highly aggregated format.

3. Information is often used to compare two (or more) firms.

4. The same basic procedures apply to firms from all industries.