The primary difference between financial accounting and managerial accounting is that

a. Financial accounting is used by internal parties while managerial accounting is used by external parties.

b. Financial accounting is future oriented while manage- rial accounting is historical in nature.

c. Financial accounting is used by external parties while managerial accounting is used by internal parties.

d. Financial accounting is prepared as needed (perhaps even daily), but managerial accounting is prepared periodically (monthly, quarterly, annually),