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. Managerial accounting is concerned with the future, whereas financial accounting is concerned with the past. Managerial accounting information must be independently verified, whereas financial accounting information does not require independent audits. Financial accountings primary users are external, whereas managerial accountings primary users are internal.