Response to the following problem:
In the following chart, compare financial accounting and managerial accounting by describing how each differs for the items listed. Be specific in your responses.
Financial Accounting Managerial Accounting
1. Nature of information . . . . . . . . . . . . _____ _____
2. Flexibility of practice . . . . . . . . . . . . . _____ _____
3. Focus of information . . . . . . . . . . . . . _____ _____
4. Time dimension . . . . . . . . . . . . . . . . . _____ _____
5. Users and decision makers . . . . . . . . _____ _____
6. Timeliness of information . . . . . . . . . _____ _____
7. Purpose of information . . . . . . . . . . . _____ _____