systems are chosen by comparing the costs versus the benefits of the system and are not restricted by GAAP (or International Financial Reporting Standards, IFRS, in the case of companies headquartered in many countries outside of the United States).

Managerial Accounting

Explanation:

Managerial accounting is the process to classify, calculate, assess, interpret, and convey financial information to managers to achieve the goals of an organization.

This differs from financial accounting because the intended purpose of managerial accounting is to assist users in creating well informed business decisions within the organization.