Indicate whether each of the following items is representative of managerial or of financial accounting:

Note: Select Both if the statement represents both managerial and financial accounting and select Neither if the statement does not represent either managerial or financial accounting.

$1.$ information is intended for extrenal stakeholders of the firm.

$2.$ contains only historcial finacial information

$3.$ the basis for estimates are not clearly defined by a set of rules and standards