162.For each of the characteristics below, identify whether it is a focus of financial accounting or managerial accounting. Use the letter F to identify financial accounting and M to identify...

162.For each of the characteristics below, identify whether it is a focus of financial accounting or managerial accounting. Use the letter F to identify financial accounting and M to identify managerial accounting.


_____ 1. Users are generally investors, creditors, analysts, and regulators.
_____ 2. Used to assist managers in making planning and control decisions.
_____ 3. Information is structured and controlled by GAAP.
_____ 4. Information is available quickly without the need to wait for an audit.
_____ 5. Information is mainly historical with some predictions.
_____ 6. Emphasis of the information is a company's projects, processes, and divisions.
_____ 7. Information is mostly monetary, but includes nonmonetary information.

163.Identify and describe the three categories of manufacturing costs.

164.What is managerial accounting and how is it used to aid decision makers?

165.There are many differences between financial and managerial accounting. Identify and explain at least three of these differences.

166.Explain what is meant by the "lean business model" and why many businesses have adopted it.