OPTIONS: MANAGERIAL ACCOUNTING OR FINANCIAL ACCOUNTING

Question 7 Financial accounting information and managerial accounting information have a number of distinguishing characteristics. For each of the characteristics listed below, indicate which characteristics are more closely related to financial accounting and which characteristics are more closely associated with managerial accounting. 1. General-purpose reports 2. Reports are used internally V 3. Prepared in accordance with generally accepted accounting principles 4. Special purpose reports 5. Limited to historical cost data V 6. Reporting standard is relevance to the decision to be made 7 Financial statements 8. Reports generally pertain to the business as a whole 9. Reports generally pertain to subunits 10. Reports issued quarterly or annually