How do accountants and regulations support financial information and business decisions?

"Managerial accounting is accounting that provides financial information that managers inside the organization can use to evaluate and make decisions about current and future operations. Operating expenses are the expenses of running a business that are not directly related to producing or buying its products. Private accountants are accountants who are employed to serve one particular organization. Public accountants are independent accountants who serve organizations and individuals on a fee basis. The Sarbanes-Oxley Act is legislation passed in 2002 that sets new standards for auditor independence, financial disclosure and reporting, and internal controls; establishes an independent oversight board; and restricts the types of non-audit services auditors can provide audit clients. Summary of Learning Outcomes 14.1 Accounting: More than Numbers 1. Why are financial reports and accounting information important, and who uses them?"