What is the difference between financial accounting and managerial accounting.

A) Financial accounting is used for internal decision making, while managerial accounting is used for external decision making
B) Financial accounting is used for external decision making, while managerial accounting is used for internal decision making
C) Financial accounting is used for both internal and external decision making, while managerial accounting is used for budgeting
D) Financial accounting is used for budgeting, while managerial accounting is used for both internal and external decision making
Answer: B) Financial accounting is used for external decision making, while managerial accounting is used for internal decision making