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.Consistency of information between different firms is an important characteristic.

2.Relevance of information is an important characteristic.

3.Reliability of information is an important characteristic.

4.Estimates, choices, and predictions are an accepted part of the information.

5.Good information means it is useful.