Which of the following is true of managerial accounting? Managerial accounting reports are classified financial statements issued quarterly and annually. The purpose of managerial accounting reports is to provide general purpose financial information for all users. Managerial accounting reports are not required to follow GAAP. Managerial accounting reports of publicly traded companies require an independent audit. Which of the following is true of financial accounting? Financial accounting reports are internal reports issued as frequently as the need arises. Financial accounting reports provide special purpose information for a particular user for a specific decision. Financial accounting reports are required simply to be useful to the decision maker. Financial accounting reports of publicly traded companies require an independent audit