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Required: Determine if each statement applies to financial accounting or managerial accounting. Financial v5. Managerial Accounting Reports are very detailed Reports are highly summarized Primary users of reports are internal users including managers Reports are prepared whenever they are needed Financial statements are reported quarterly or annualy Financial statements are audited by a chartered professional accountant Reports are for a specific purpose Primary users of reports are for external users including creditors, shareholders and regulators: Reports pertain to business as a whole Primary users of reports are internal users including managers Reports are prepared whenever they are needed Financial statements are reported quarterly or annually Financial statements are audited by a chartered professional accountant Reports are for a specific purpose Primaryusers of reports are for external users including creditors, shareholders and regulators Reports pertain to business as a whole Reports must follow generally accepted accounting principles