Which of the following statements represents a similarity between financial and managerial accounting? Both are useful in providing information for external users. Both are governed by GAAP. Both draw upon data from an organization's accounting system. Both rely heavily on published financial statements. Both are solely concerned with historical transactions.

Which of the following statements represents a similarity between financial and managerial accounting?
 
Both are useful in providing information for external users.
 
Both are governed by GAAP.
 
Both draw upon data from an organization's accounting system.
 
Both rely heavily on published financial statements.
 
Both are solely concerned with historical transactions.
                                        


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