Financial accounting information and managerial accounting information have several distinguishing characteristics. For each of the characteristics listed below, indicate which characteristics are more closely related to financial accounting by placing the letter “F” in the space to the left of the item and indicate those characteristics which are more closely associated with managerial accounting by placing the letter “M” to the left of the item.

____    1.         General-purpose reports

____    2.         Reports are used internally

____    3.         Prepared in accordance with generally accepted accounting principles

____    4.         Special purpose reports

____    5.         Limited to historical cost data

____    6.         Reporting standard is relevance to the decision to be made

____    7.         Financial statements

____    8.         Reports generally pertain to the business as a whole

____    9.         Reports generally pertain to subunits

____    10.      Reports issued quarterly or annually