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 | ___ | ___ |
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