The Basic Difference Between Managerial Accounting and Financial Accounting Is

Multiple Choice

The basic difference between managerial accounting and financial accounting is that:

A) the financial accounting system relies on accounting information whereas managerial accounting does not.
B) financial accounting relies on information gathered from sources outside the business whereas managerial accounting relies on internally generated information.
C) financial accounting is concerned with providing information to outsiders, whereas managerial accounting is concerned with providing information to managers for their use in directing the activities of the organisation.
D) managerial accounting information is useful to not-for-profit organisations, but financial accounting information is not.