Managerial accounting information: Is used mainly by external users. Involves gathering information about costs for planning and control decision Is generally the only accounting information available to managers. Can be used for control purposes but not for planning purposes. Has little to do with controlling costs. Which of the following items represents a difference between financial and accounting? Users of the information. Flexibility of practices. Timeliness and time dimension of the information reported. Nature of the information. All of the above. Classifying costs by behavior involves: Identifying fixed cost and variable cost. Identifying cost of goods sold and operating costs. Identifying all costs. Identifying costs in a physical manner. Identifying both quantitative and qualitative cost factors