Exam 1: Ch. 13-15 8/e Saved Identify whether each description most likely applies to managerial or financial accounting. 13 Managerial accounting Financial accounting 00:58:31 1. Its principles and practices are very flexible. 2. It focuses mainly on past results. 3. Information is available before an audit is complete. 4. Its primary users are outside of the organization. 5. It focuses mainly on the future of production activities. eBook