Reports are prepared as needed.

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j$.$

It is not governed by legal requirements.

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k$.$

Primary users are external $($i$.$e$.,$ creditors, investors$).$

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l$.$

Focus is on the future.

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m$.$

Reporting is based mainly on the company as a whole.

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f$.$

Primary users are internal $($i$.$e$.,$ company managers$).$

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g$.$

It is governed by Generally Accepted Accounting Principles $($GAAP$)$ or International Financial Reporting Standards $($IFRS$).$

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h$.$

The primary characteristics of information are that it must be reliable and objective.

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Question content area bottom

Part $1$

a$.$

Reports are usually prepared quarterly and annually.

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b$.$

Information is verified by external auditors.

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c$.$

Focus is on the past.

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d$.$

Main characteristic of information is that it must be relevant.