Managerial accounting differs from financial accounting in several areas. Specify whether each of the following characteristics relates to managerial accounting or financial accounting. Reports tend to be prepared for the parts of the organization rather than the whole organization. Primary users are internal (for example, company managers). It is governed by Accounting Standards for Private Enterprises (ASPE) or International Financial Reporting Standards (IFRS). Two main characteristics of data are reliability and objectivity. Reports are prepared as needed. 4 It is not governed by legal requirements. Primary users are external (i.e., creditors, investors). It is focused on the future. Reporting is based mainly on the company as a whole. Reports are prepared usually quarterly and annually. Information is verified by external auditors. It is focused on the past. m. A main characteristic of data is relevance