Consider the following short descriptions. Indicate whether each description more closely relates to a major feature of financial accounting or management accounting.
1. Field is less sharply defined
2. Provides internal consulting advice to managers
3. Has less flexibility
4. Is characterized by detailed reports
5. Has a future orientation
6. Is constrained by GAAP
7. Behavioral impact is secondary
Financial accounting is for external parties and is prepared according to GAAP based on past data. Management accounting is internal and is ...
The solution explains the given descriptions as relating to management accounting or financial accounting