For Each of the Characteristics Below,identify Whether It Is a Focus

For each of the characteristics below,identify whether it is a focus of financial accounting
or managerial accounting.Use the letter F to identify financial accounting and M to identify
managerial accounting.
_____ 1. Users are generally managers,employees and decision makers internal to the organization.
_____ 2. Used to assist managers in making planning and control decisions.
_____ 3. Information is structured and controlled by GAAP.
_____ 4. Information is available quickly without the need to wait for an audit.
_____ 5. Information is mainly historical with some predictions.
_____ 6. Emphasis of the information is on the whole organization.
_____ 7. Information is mostly monetary,but includes nonmonetary information.

Correct Answer:

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1.M; 2.M; ...

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