Financial and managerial accounting information serve different purposes. The following phrases are commonly used to describe either financial or managerial accounting.
Must follow GAAP ............. Future orientation
Focused on past performance ......... . Information is often “old”
Timeliness is critical ............... Reports results by segments
Emphasizes reporting on the whole company ... Highly customizable
Information is often less precise

Required
Indicate whether each of the preceding phrases describes financial accounting or managerial accounting.