Which of the following is not a difference between financial accounting and managerial accounting?
- Financial accounting is primarily concerned with reporting the past, while managerial accounting is more concerned with the future.
- Managerial accounting uses more nonmonetary information than is used in financial accounting.
- Managerial accounting is primarily concerned with providing information for external users while financial accounting is concerned with internal users.
- Financial accounting must follow GAAP while managerial accounting is not required to follow GAAP.