Final answer:
Managerial accounting emphasizes informational characteristics necessary for internal decision-making, offering insights into the firm's products, revenues, costs, and profits, which become increasingly important for growing firms in strategic planning and securing outside investment.
Step-by-step explanation:
The characteristic emphasized in managerial accounting is the provision of detailed and relevant financial and non-financial information that management needs to make informed decisions about the operations of the firm. This includes information on the company's products, revenues, costs, and profits. Managerial accounting focuses on the needs of managers within the organization, unlike financial accounting which is focused on providing information to external parties.
As firms grow and their operations become more complex, the importance of informational characteristics in managerial accounting increases since it directly affects strategic planning and decision-making processes. Therefore, the role of personal knowledge of individual managers diminishes as systematic and structured managerial accounting information takes precedence, aiding in securing financial capital from outside investors such as bondholders and shareholders.