For each of the characteristics below, identify whether it is a focus of financial accounting or managerial accounting.

Use the letter F to identify financial accounting and M to identify managerial accounting.

(1) Users are generally managers, employees and decision makers internal to the organization. _____

(2) Used to assist managers in making planning and control decisions. _____

(3) Information is structured and controlled by GAAP. _____

(4) Information is available quickly without the need to wait for an audit. _____

(5) Information is mainly historical with some predictions. _____

(6) Emphasis of the information is on the whole organization. _____

(7) Information is mostly monetary, but includes nonmonetary information.