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. Financial Accounting vs. Managerial Accounting 1. General-purpose reports [Select ] 2. Reports are used internally [ Select ] 3. Prepared in accordance with generally [ Select ] accepted accounting principles 4. Special purpose reports [ Select ] 5. Reports issued quarterly or annually [ Select) Reporting standard is relevance to the 6. [Select ] decision to be made 7. Financial statements [Select ] Reports generally pertain to the business as 8. [Select ] a whole 9. Reports generally pertain to subunits [ Select ]