Which of these is true about Managerial Accounting? Managerial accounting is at a more detailed level (e.g. down to the product level) that would not typically be included in audited financial statements. Financial accounting statements to the SEC and Shareholders must be more timely than managerial accounting statements to internal users. There is one set of accounting records for GAAP and SEC reporting using Generally Accepted Accounting Principles and a different set of accounting records used Generally Accepted Managerial Accounting Principles. Both Managerial Accounting and Financial Accounting include both financial measures and nonfinancial metrics, such as quality measures and delivery times