Question 2. 2. (TCO 1) Which of the following statements regarding financial accounting and managerial accounting is incorrect? (Points : 7)

Financial accounting must follow GAAP, whereas managerial accounting does not need to follow GAAP. Financial accounting is concerned with the past, whereas managerial accounting is concerned with the future. Financial accounting information must be objective and reliable, whereas managerial accounting information must be relevant. Financial accounting is focused on decision making, whereas managerial accounting information is concerned with reporting historical transactions accurately.