Question 1 4 pts 1. Which of the following statements is a difference between financial accounting and managerial accounting? Under financial accounting, reports are prepared as and when management needs them, whereas under managerial accounting reports are prepared on a monthly basis. Financial accounting focuses on providing information for internal use, whereas managerial accounting focuses on providing information for external use. Financial accounting has a subjective approach, whereas managerial accounting has an objective approach. Under financial accounting, reports are prepared using GAAP whereas under managerial accounting. information that is useful to management for its decision making is not recorded using GAAP