Which of the following statements is false? a. Managerial accounting does not need to conform to GAAP. b. Managerial accounting sometimes relies on past information. c. There is no overlap between financial and managerial accounting. d. Financial accounting must conform to GAAP.

The correct answer is c. There is no overlap between financial and managerial accounting.

Explanation:

Managerial accounting is the division of accounting that, based on technically successful internal reports, delivers information to the administration so that it, through its planning, management, organization and control functions, makes the strategic decisions that the organization requires to achieve their goals. This accounting has only one basis: the usefulness of your information. It is also called managerial accounting or management accounting and, together with financial accounting and cost accounting, forms what is known as the organization's accounting structure