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

Answer: Option A