Managerial vs. Financial Accounting Financial and managerial accounting information serve different purposes. The phrases are commonly used to describe either financial or managerial account Required: Indicate whether each of the following phrases describes financial accounting accounting. a. Must follow GAAP _____ Financial Accounting _____ b. Focused on past performance _____ Financial Accounting _____ c. Timeliness is critical _____ d. Emphasizes reporting on the whole company _____ e. Information is often less precise _____ f. Future orientation _____ g Information is often "old" _____ h. Reports results by segments _____ I. Highly customizable _____