Question & Answer: Managerial vs. Financial Accounting Financial and managerial accounting information serve different purposes. The phrases are comm…..

Managerial vs. Financial Accounting Financial and managerial accounting information serve different purposes. The phrases are commonly used to describe either financial or managerial account Required: Indicate whether each of the following phrases describes financial accounting accounting. a. Must follow GAAP _____ Financial Accounting _____ b. Focused on past performance _____ Financial Accounting _____ c. Timeliness is critical _____ d. Emphasizes reporting on the whole company _____ e. Information is often less precise _____ f. Future orientation _____ g Information is often “old” _____ h. Reports results by segments _____ I. Highly customizable _____