Identify the following items as Managerial (A) or Financial Accounting.(B): \begin{tabular}{|l|c|c|} \hline Largely based on forecasting future sales and cash flows, calculating costs and preparing budgets. & 24. & 25. \\ \hline Public companies (listed on Toronto Stock Exchange) require an independent examination (audit). & 26. \\ \hline Primarily prepared for external users such as creditors and stockholders so that they can make sound financial or investment decisions. & 26. \\ \hline Reports are very detailed and provide a wealth of information. & 27. \\ \hline Must follow Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS) set by professional bodies. & 28. \\ \hline Focus is on relevance and timeliness of data & 29. & 30. \\ \hline Reports must be completed annually at end of fiscal year as required by law & \\ \hline \end{tabular}