For each of the characteristics below, identify whether it is a focus of financi

ID: 2421448 • Letter: F

Question

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.

(1) M

(2) M

(3) F

(4) F

(5) F

(6) M

(7) M

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