1. Which of the following statements on financial accounting and management accounting is false?

1. Managerial accounting is created for a company's management, financial accounting is created for its investors, creditors, and industry regulators.
2. Managerial accounting looks at past performance and creates business forecasts. Business decisions should be informed by this type of accounting.
3. The information created through financial accounting is entirely historical; financial statements contain data for a defined period of time.
4. None of the above.