Financial accounting and reporting

Please answer the following questions about financial accounting

1. Differentiate broadly between financial accounting and managerial accounting.

2. Differentiate between financial statements and financial reporting.

3. What are the major objectives of financial reporting?

4. What is the likely limitation of 'general-purpose financial statements'?

5. If you had to explain or define 'generally accepted accounting principles or standards', what essential characteristics would you include in your explanation?

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