Which of the following statements is not true?

A) Managerial accounting has a strong orientation towards the future.
B) Financial accounting, due to the requirements of regulation, is mandatory for businesses.
C) Financial accounting and managerial accounting are independent of each other.
D) Financial accounting presents a historical perspective of business activities.

Financial accounting and managerial accounting are closely related and overlap in many areas. They both provide information to assist managers in decision making, but financial accounting is focused on preparing financial statements for external reporting purposes, while managerial accounting is focused on providing information to internal users for planning, control and decision-making purposes. Therefore, they are not independent of each other.