I need typed solution with explanation. Explain why reaming options are incorrect I will thumb up.

What is an important distinction between financial and managerial accounting? A B Managerial accounting is required by law while financial accounting is required by GAAP. Financial accounting focuses less on the whole organization and more on the parts of a company. Managerial accounting extends beyond the boundaries of the traditional accounting system. Managerial accounting relies on balance sheets, income statements and statements of changes in financial positions.