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The primary difference between financial accounting and managerial accounting is that Select one: ca. Financial accounting is used by external parties while managerial accounting is used by internal parties b. Financial accounting is prepared as needed (perhaps even daily), but managerial accounting is prepared periodically (monthly, quarterly, annually). c. Financial accounting is used by internal parties while managerial accounting is used by external parties d. Financial accounting is future-oriented while managerial accounting is historical