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.

Type 1. Consistency of information between different firms is an important characteristic. 2. Relevance of information is an important characteristic. 3. Reliability of information is an important characteristic. 4. Estimates, choices, and predictions are an accepted part of the information. 5. Good information means it is useful. 6. Good information means it closely follows the rules. 7. Canada Revenue Agency begins with this information in determining a firm's income tax obligation. 8. Information prepared for different users may vary widely. 9. Information is critical to the success of the all firms large and small. 10. Information is used by employees at all levels of the firm. 11. Information is used by shareholders and potential shareholders. 12. Information is provided in highly aggregated format. 13. Information is often used to compare two (or more) firms. 14. The same basic procedures apply to firms from all industries