4. Which of the following statements is NOT true?

A) Financial accounting reports report on what has happened while management accounting reports focus on current activity and future projections.

B) Financial accounting summarizes accounting data while management accounting breaks down costs into their detailed components.

C) Financial accounting reports are aimed at internal users of accounting information while management accounting reports are aimed at external users of accounting information.

D) Financial accounting reports are used by investors to make investment decisions while management accounting reports are used by managers to make business decisions.