Choose from the following list those that are characteristics of managerial accounting and those that are characteristics of financial accounting.

1.		External users: shareholders, creditors, and regulators.		Managerial accountingFinancial accounting
2.		Reports are created as frequently as needed.		Financial accountingManagerial accounting
3.		No independent audits are required.		Managerial accountingFinancial accounting
4.		Extends beyond double-entry accounting to any relevant data.		Financial accountingManagerial accounting
5.		Prepared in accordance with generally accepted accounting principles.		Managerial accountingFinancial accounting
6.		Reports are typically prepared quarterly and/or annually.		Managerial accountingFinancial accounting
7.		Content of reports pertain to subunits of the business.		Financial accountingManagerial accounting
8.		An audit is required by an independent accountant.		Financial accountingManagerial accounting
9.		Financial statements are prepared.		Financial accountingManagerial accounting
10.		Reports are special-purpose for specific decisions.		Financial accountingManagerial accounting
11.		Limited to double-entry accounting and cost data.		Managerial accountingFinancial accounting
12.		Reports are highly aggregated, that is, condensed.