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a.
To classify: The primary characteristics of information are that it must be reliable and objective as financial accounting activity or managerial accounting activity.
b.
To classify: Reports are prepared as needed as financial accounting activity or managerial accounting activity.
c.
To classify: It is not governed by legal requirements as managerial accounting activity or financial accounting activity.
d.
To classify: Primary users are external (i.e., creditors, investors) as managerial accounting activity or financial accounting activity.
e.
To classify: Focus is on the future as managerial accounting activity or financial accounting activity
f.
To classify: Reporting is based mainly on the company as a whole as managerial accounting activity or financial accounting activity
g.
To classify: Reports are usually prepared quarterly or annually as financial accounting activity or managerial accounting activity.
h.
To classify: Information is verified by external auditors as financial accounting activity or managerial accounting activity.
i.
To classify: Focus is on the past as financial accounting activity or managerial accounting activity.
j.
To classify: Main characteristic of data is that it must be relevant as a financial accounting activity or managerial accounting activity.
k.
To classify: Reports tend to be prepared for the parts of the organization rather than the whole organization as financial accounting activity or managerial accounting activity.
l.
To classify: Primary users are internal (i.e., company managers) as managerial accounting activity or financial accounting activity.
m.
To classify: It is governed by Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS) as managerial accounting activity or financial accounting activity.
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Chapter 1 Solutions
Managerial Accounting, Introduction To Financial Accounting, Myaccountinglab With Etext And Access Card For Managerial Acct., Myaccountlab With Etext . For Intro To Financial Acct. (4th Edition)
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