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

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.

Explanation / Answer

1. M

2. M

3. F

4. M

5. F

6. F

7. M

answer on page 5 of managerial accounting textbook 4th edition

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