For each of the characteristics below, identify whether it is a focus of financial accountingor managerial accounting. Use the letter F to identify financial accounting and M to identifymanagerial accounting._____ 1. Users are generally investors, creditors, analysts, and regulators._____ 2. Used to assist managers in making planning and control decisions._____ 3. Information is structured and controlled by GAAP._____ 4. Information is available quickly without the need to wait for an audit._____ 5. Information is mainly historical with some predictions._____ 6. Emphasis of the information is a company's projects, processes, and divisions._____ 7. Information is mostly monetary, but includes nonmonetary information.
What will be an ideal response?
1. F; 2. M; 3. F; 4. M; 5. F; 6. M; 7. M
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