Which of the following statements about managerial accounting is incorrect?

Managerial accounting information is used primarily by managers in the organization.

Managerial accounting information is prepared in accordance with rules established by outsiders (generally accepted accounting principles).

Managerial accounting is primarily forward looking as opposed to focusing on historical information.

Managerial accounting information is used both at the organizational level and at the subunit (department) level.

Budgets are an important managerial accounting tool.