Which of the following is not a difference between

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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.

Reference no: EM13607338

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