Management accounting information and reports do not have to follow set principles or rules such as GAAP.
Managerial Accounting is responsible for the preparation of several reports that will help and guide the decision-makers of the business. These reports include the financial budget, sales forecasts, varaince analysis and the likes.
Answer and Explanation:
Managerial Accountants focuses only on producing documents that are used INTERNALLY, meaning these documents are not passed on to government or any external parties, so there is no need to standardized the presentation of the key financial data.
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from Business Management: Help & ReviewChapter 9 / Lesson 1