Continuous improvement: Is a measure of profits. Is a measure of costs. Rejects the notion of "good enough." Is not applicable to most businesses. O Managerial accounting is different from financial accounting in that: Managerial accounting is more focused on the organization as a whole and financial accounting is more focused on subdivisions of the organization. Managerial accounting never includes nonmonetary information. O Managerial accounting includes many projections and estimates whereas financial accounting has a minimum of predictions Managerial accounting is used extensively by investors, whereas financial accounting is used only by creditors. A fixed cost: Requires the future outlay of cash and is relevant for future decision making. Does not change with changes in the volume of activity within the relevant range. Is directly traceable to a cost object. Changes with changes in the volunpe of activity within the relevant range