A managerial accountant prepares information, such as reports on the cost of materials used in the production process, for internal use only. Executives, product managers, sales managers, and any other employees inside the firm who use accounting data to make significant decisions are the primary focus of managerial accounting.
Data prepared by managerial accountant is not required to follow US GAAP. In fact, adhering to U.S. GAAP may make it harder to obtain pertinent data for internal decision-making. In contrast, it could be more sensible to include nonproduction costs that are directly related to the product for internal decision-making purposes, such as sales commissions or administrative expenses or reports.
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