Dec. 31 Indicate either Financial Accounting (F) or Managerial Accounting (M) Emphasis is on summaries of financial consequences of past activities. Only s data for the entire organization iS Relevance of items relating to decision making is emphasized. Need not follow Generally Accepted Accounting Principles (GAAP) Reports to those outside the organization owners, lenders, tax authorities and regulators. Not mandatory. Objectivity and verifiability of data are emphasized Reports to those inside the organization for planning, directing and motivating, controlling and performance evaluation Emphasis is on decisions affecting the future. Timeliness of information is required Mandatory for external reports Must follow Generally Accepted Accounting Principles (GAAP) Precision of information is required Detailed segment reports about departments, products, customers, and employees are prepared