Which of the following statements is incorrect? O A. The preparation of financial accounting information is bound by Generally Accepted Accounting Principles. O B. Managerial accounting systems produce the four basic financial statements OC. Reports and other output provided by financial accounting systems focus on the past. OD. Managerial accounting relies on the knowledge of broad, multidisciplinary teams. O E. Managerial accounting systems provide information primarily used by managers and other internal users