Which of the following statements about differences between financial and managerial accounting is incorrect?
a) Managerial accounting information is prepared primarily for external parties such as stockholders and creditors; financial accounting is directed at internal users.
b) Financial accounting is aggregated; managerial accounting is focused on products and departments.
c) Managerial accounting pertains to both past and future items; financial accounting focuses primarily on past transactions and events.
d) Financial accounting is based on generally accepted accounting practices; managerial accounting faces no similar constraining factors.
