Which of the following is FALSE about managerial accounting versus financial accounting?

Financial reports are prepared annually, whereas managerial reports are prepared when required.

Managerial accounting is primarily utilized by internal users, whereas financial accounting is primarily utilized by external users.

The primary information characteristic for managerial accounting is relevance, whereas the primary information characteristics for financial accounting are reliability and objectivity.

Authoritative bodies require both managerial accounting reports, and financial accounting financial statements.