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Which of the following statements is correct regarding the differences between financial accounting and managerial accounting? Select one: O Financial accounting provides detailed reports to be used by external users but managerial accounting provides summary reports to be used by internal users. O Financial accounting is not required to follow GAAP or IFRS rules but managerial accounting is required to follow GAAP or IFRS. O Financial accounting is focusing on the past but managerial accounting is focusing on the future. O Financial accounting helps managers to plan and control but managerial accounting helps creditors to make credit decision O Financial accounting helps creditors to plan and control but managerial accounting helps managers to make credit decision