IDENTIFICATION: Indicate if the statement pertains to Financial Accounting or Management Accounting

1. Focuses on providing information to external users
2. Need not comply with GAAP
3. Contain special-purpose information for decision making of company management
4. Uses forecasted information in addition to historical and current information
5. Reports are generated on a regular basis (e.g. quarterly, annually, etc.)
6. Reports are mandatory and needs to be submitted to regulatory agencies.
7. Provides information to aid managers in deciding whether to buy or rent an equipment.
8. Reports generated are subject to external review by independent auditors
9. Type of information mainly depends on management needs
10. Reports are generated as frequently as needed by company managers
11. Needs to comply with PFRS
12. Provides information to investors in deciding whether to continue or discontinue their investment in the company
13. Emphasis of information is on the financial consequences of past activities
14. Emphasis is on relevance and timeliness
15. Reports are generated mainly from accounting records
16. Detailed segment reports about departments, products, and customers
17. Ensures that all transactions are properly recorded
18. Report information emphasizes verifiability and precision
19. Prepared using whatever methods the company finds beneficial
20. Pertains to subunits of the entity and may be very detailed