 The managerial accounting, however, is not limited in the same way. Why? Because we're not given these reports to anybody outside the company. They're internal reports. They're us in or working trying to make the internal decisions. So we might be making reports about a small group, a small unit. We might be making reports about some type of product or something like that, one product out of many. In order to do make those types of decisions, we could format the reports in any way we want because we're not giving them to external users who are then relying on them to make decisions. So we have a lot more flexibility for that reason for managerial accounting to run reports, to make reports, to think about what can we do in order to make the best decisions and what kind of data do we need in order to do that. The availability of the data, financial accounting is typically going to be if it's a publicly traded company in particular, it's going to go through an audit. We're not going to have the data possibly quarterly or yearly. We have to wait through that audit process to take place for them to really be finalized, to have those financial statements. So it could be a very set process on when we're going to get those numbers. And the numbers might not be finalized, of course, for a little bit of time after the period has ended. Whereas managerial accounting, and that of course deals with regulations. We have to go through the regulations. We got to make sure that everything is set up in accordance with rules and regulations, especially if it's a publicly traded company. Do these financial statements align with generally accepted accounting principles and whatnot. That's going to have that process is going to take time for financial accounting and it's very regulated. For managerial accounting, we don't have that same kind of regulation. We have limits, of course, but those limits are typically going to be, what can we do? So for managerial accounting, the question is often a cost benefit analysis. You know, we could get this more information. The question is, is it worth it for us to get the more information? There's always a balancing question of, is it worth us to put in the time to get more detailed information? Or is the better decision that we can probably make with that more detailed information not worth the added cost? That's typically the type of decision making restraints that we have on managerial accounting, as opposed to the types of regulatory restraints. So if we want to put numbers together, if we want to put reports together, if we want to analyze whatever we want to analyze internally, no problem, except that it costs money to do so, and we want to make a cost benefit analysis to decide whether or not the time spent is worth the effort, as opposed to conforming to regulations, as is typically going to be what we're going to do with financial accounting. The time focus for the financial accounting is typically going to be passed. We're looking into the past. In other words, we're looking at historical data. Now, of course, investors and are going to be looking to project into the future as well. But all the financial statement preparation is geared towards what happened in the past from our side, from putting the stuff together from a company side. We're trying to just say, hey, what happened and put it together as accurately as possible. And then the investors could make future projections based on that managerial accounting. When we put this information together, it usually has a future focus. So we're trying to focus on future decision making. So when we put together reports, internal reports, whatever we need to do from an internal standpoint, we're typically thinking about what can we do for the future in this place so that we can increase production. If we look at the information focus, it's going to be on the entire organization for financial accounting. We're looking for information that's going to affect the entire organization. And that's by design. The financial statements are there for the entire organization because investors and creditors are typically worried about the entire organization. They're not really looking into the detail but not looking at segments of the organization. Some will. But for the most part, the reporting is going to give a whole, as a whole, what do things look like as an entire. On a managerial accounting, we're typically going to go more into detail. We're going to look at the department by department. We're going to look at product by product and try to make those decisions. So typically, financial accounting is looking big picture. How do we stand overall? Whereas managerial accounting is going to go down into more of the nitty gritty and try to figure out what can we do from a piece by piece standpoint to improve operations. Nature of information. Financial accounting is going to be purely monetary. So remember that, of course, the balance sheet is going to have things like equipment on it and this stuff and stuff that's not money in and of itself. Equipment is, it could be a forklift or something. But when we put on the financial statement, we reported in terms of dollars. Everything is reported in terms of dollars. And of course that same information will be used in managerial accounting. But it's not the only type of information. We recognize that that's only one set of information. If we can put numbers to something, we typically will because that makes things a lot easier to compare and contrast if we have numbers to them. But oftentimes we may not have numbers. The numbers may not be representing monetary amounts. We might be having to compare other types of things time or other types of things. And we could have other things that are completely non numeric that we're comparing. We might have to actually compare different types of data actually just reviews or something like that and try to make managerial decision making processes based on that. So again, we typically will break things down to a monetary basis if possible, break things down to a numeric basis if possible, because that's better for making comparisons or easier to make comparisons. But we're also going to use in any type of data that we can to increase decision making processes.