Which of the following statements regarding financial accounting and managerial accounting is correct?

A.Financial accounting must follow GAAP, whereas managerial accounting does not need to follow GAAP.

B.Financial accounting is concerned with the future, whereas managerial accounting is concerned with the past.

C.Managerial accounting information must be objective and reliable, whereas financial accounting information must be relevant.

D.Financial accounting is focused on decision making, whereas managerial accounting information is concerned with reporting historical transactions accurately.