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When comparing financial accounting and management accounting, which of the following statement is most correct?

Select one:

a$.$ Financial Accounting focuses on the aggregate and therefore portrays the position of the business as a whole. Management Accounting directs its attention to the various divisions and departments of the organization and reports on the profitability and performance of each of them.

b$.$ Management Accounting is prepared in accordance with IFRSs while Financial Accounting is guided by internal company policies.

c$.$ In Financial Accounting, both monetary and non$-$monetary items can be quantified while in Management Accounting only monetary items are quantified:

d$.$ Management Accounting uses historical data in the preparation of financial statements and is therefore said to be backward looking and non$-$dynamic. Financial accounting is future oriented, dynamic, produces future oriented figures and is meant to be relevant in the decision making process.

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