Answer (B) is correct . Financial accounting is primarily concerned with historical accounting, i.e., traditional financial statements, and with external financial reporting to creditors and shareholders. Management accounting applies primarily to the planning and control of organizational operations, considers nonquantitative information, and is usually less precise.
Answer (A) is incorrect because Management accounting is future oriented.
Answer (C) is incorrect because Financial accounting is primarily concerned with quantitative information.
Answer (D) is incorrect because Decision analysis and implementation are characteristics of management accounting.
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