Final answer:
Functional and Division Managers need detailed accounting information on products, revenues, costs, and profits to manage their divisions effectively and align with the company's profitability goals. This information becomes increasingly important as firms grow and personal knowledge of managers is less critical to outside investors. These managers play a crucial role in maintaining transparency with investors by providing accurate financial reporting.
Step-by-step explanation:
Functional and Division Managers require specific accounting information that helps them make informed decisions that align with their roles within the company. They need detailed reports on products, revenues, costs, and profits, as well as information that can help anticipate the future financial health of their areas of responsibility.
This information supports their ability to strategize effectively, manage resources, optimize operations, and contribute to the profitability of the firm. As firms mature, the importance of personal knowledge of managers and business plans diminishes, largely because accounting information becomes more accessible to a variety of stakeholders.
For Functional and Division Managers, relevant and timely accounting data ensures that they can maintain productive operations, provide accountability to upper management, and remain transparent to outside investors, such as bondholders and shareholders, who rely on accurate financial reporting to make capital investment decisions without a personal connection to the managers.
Questions about a manager's work style, team sentiments, areas of efficiency, points of weakness, and the transparency of information flow, while important for internal dynamics, serve to emphasize the necessity for thorough and comprehensible accounting data that can be shared and understood across different levels of the company.