Managerial accounting differs from financial accounting on several aspects (figure 1.2, p. 6 for clarification).These are the key differences:Managerial accounting provides information for internal users, financial accounting for external usersManagerial accounting provides economic, physical, and financial data, financial accounting provides financial data onlyManagerial accounting focuses on subunits, financial accounting on the company as a wholeManagerial accounting is not required by the FASB (only limited by value-added principle, so it should bring more benefit than cost), financial accounting is required by the FASB, SEC, and other determiners of GAAPFor managerial accounting, the information consists of estimates to enable timeliness and to promote relevance, for financial accounting the information is factual, objective, reliable, consistent, and accurateManagerial accounting focuses on the past, present, and the future whereas financial accounting only takes into account the pastManagerial accounting involves reporting on a continual basis, financial...