A major difference between financial accounting and managerial accounting is which of the following?

Group of answer choices 1.Financial accounting has six statements that must be prepared; managerial accounting has only three. 2.Managerial accounting must be prepared according to GAAP; financial accounting does not have this requirement. 3.Financial accounting must be prepared according to GAAP; managerial accounting does not have this requirement. 4.Managerial accounting has six statements that must be prepared; financial accounting has only three.