Below you will find statements about accounting information. Mark each statement (under Type) with an M if it pertains more to managerial accounting and an F if it pertains more to financial accounting. Below each statement write a short explanation of your choice.

1. Good information means it closely follows the rules.

2. Canada Revenue Agency begins with this information in determining a firms income tax obligation.

3. Information prepared for different users may vary widely.

4. Information is critical to the success of the all firms large and small.

5. Information is used by employees at all levels of the firm.