Indicate whether each phrase is more descriptive of financial accounting or managerial accounting.

(a) May be subjective

Financial accounting

Managerial accounting

(b) Often used to obtain financing

Financial accounting

Managerial accounting

(c) Typically prepared quarterly or annually

Financial accounting

Managerial accounting

(d) May measure time or customer satisfaction

Financial accounting

Managerial accounting

(e) Future oriented

Financial accounting

Managerial accounting

(f) Has a greater emphasis on cost-benefit analysis

Financial accounting

Managerial accounting

(g) Keeps records of assets and liabilities

Financial accounting

Managerial accounting

(h) Highly aggregated statements

Financial accounting

Managerial accounting

(i) Must conform to external standards

Financial accounting

Managerial accounting

(j) Special-purpose reports

Financial accounting

Managerial accounting

(k) Decision-making tool

Financial accounting

Managerial accounting

(l) Income statement, balance sheet, and statement of cash flows

Financial accounting

Managerial accounting

Figure 1.2 4.0 Grades in Economics (G.P.A) 4.0 Grades in English (G.P.A) The PPC in Figure 1.2 indicates a student who: a. is equally proficient in Economics and English. O b. is more proficient at Economics than English O c. prefers Economics over English. d. is more proficient at English than Economics. e. prefers English over Economics.Determine if the following items represent an example of positive economics or normative economics. The richest 1% of Americans should pay more taxes than the rest of the 99%. O Positive Economics O Normative Economics A decrease in the supply of coconut will increase the price of German O Normative Economics chocolate cake, a good which requires coconut shavings as a key ingredient O Positive Economics The higher the minimum wage, the higher the price of goods and services Normative Economics is likely to bo. OO Positive Economics Social welfare spending in Sweden occupies too large a portion of the O Positive Economics national budget. O Normative Economics