External users: shareholders, creditors, and regulators,. $2.$ Reports are created as frequently as needed. No independent audits are required. Extends beyond double$-$entry accounting to any relevant data, Prepared in accordance with generally accepted accounting principles. $5.$ Reports are typically prepared quarterly and$/$or annually. Content of reports pertain to subunits of the business. $7.8,$ An audit is required by an independent accountant. Financial statements are prepared. $10.$ Reports are special$-$purpose for specific decisions. $11.$ Limited to double$-$entry accounting and cost data.