Which of the following statements about differences between financial and management accounting is incorrect?

• A. Management accounting information is prepared primarily for external parties such as stockholders and creditors; financial accounting is directed at internal users.
• B. Financial accounting is aggregated; management accounting is focused on products and departments.
• C. Management accounting pertains to both past and future items; financial accounting focuses primarily on past transactions and events.
• D. Financial accounting is based on generally accepted accounting practices; management accounting faces no similar constraining factors.