QUESTION 1 (A] Financial aocounting information and managerial accounting information have a number of distinguishing characteristics. To submit your answer, number your answer space 1 through 10 (corresponding to the numbering of the items below). For each of the characteristios listed below, indicate which characteristics are more closely related to financlal.accounting by placing the letter "F" in the space to the left of the item and indicate those characteristics which are more closely associated with managerial accounting by placing the letter "M to the left of the item. 1 General-purpose reports 2. Reports are used internally 3 Prepared in accordance with generally accepted accounting principles 4. Special purpose reports 5. Limited to historical cost data 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 (B] Useing ALL of the 10 terms above, write a paragraph that CLEARLY distinguishes between financial accounting and managerial accounting. Hint Your paragraph should not be a mere repeat of the items above, but also include a DISCUSSION in such a way that the reader will know the difference between financial and managerial account.g