Question: How does managerial accounting differ from financial accounting? What are key differences in the users of the information and what the information is used for.

How does managerial accounting differ from financial accounting? What are key differences in the users of the information and what the information is used for. Why is it important that one of these use GAAP and the other is not required to, and in fact may be less useful if it tries to stick to GAAP requirements - like full absorption vs. variable costing?

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