Financial accounting information and managerial accounting information have a number of distinguishing characteristics. For each of the characteristics listed below, indicate which characteristics are more closely related to financial accounting and which characteristics are more closely associated with managerial accounting.

General$-$purpose reports

Reports are used internally

Prepared in accordance with generally accepted accounting principles

Special purpose reports

Limited to historical cost data

Reporting standard is relevance to the decision to be madeFinancial accounting information and managerial accounting information have a number of distinguishing characteristics. For each of the characteristics listed below, indicate which characteristics are more closely related to financial accounting and which characteristics are more closely associated with managerial accounting.

General$-$purpose reports

Reports are used internally

Prepared in accordance with generally accepted accounting principles

Special purpose reports

Limited to historical cost data

Reporting standard is relevance to the decision to be made