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Describe the role of managerial accounting in contemporary business. Provide one specific, real-life example of how managerial accounting helps managers improve operational and financial performance.

Describe the role of managerial accounting in contemporary business. Provide one specific, real-life example of how managerial accounting helps managers improve operational and financial performance. Also, describe the role of federal taxes, the economy's state, and the financial market outlook plays in short-term business decisions.

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