Managerial accounting differs from financial accounting in several areas. Specify whether each of the following characteristics relates to managerial accounting or financial accounting.
a. Main characteristic of data is that it must be reliable and objective
b. Reports are prepared as needed
c. Not governed by legal requirements
d. Primary users are external (i. e., creditors, investors)
e. Focused on the future
f. Reporting is based mainly on the company as a whole
g. Reports are usually prepared quarterly and annually
h. Information is verified by external auditors
i. Focused on the past
j. Main characteristic of data is that it must be relevant
k. Reports tend to be prepared for the parts of the organization rather than the whole organization l. Primary users are internal (i. e., company managers)
m. Governed by Generally Accepted Accounting Principles (GAAP) or International ­Financial Reporting Standards (IFRS)