Managerial Accounting 2.docx

Managerial Accounting 2.docx - Running Head MANAGERIAL...

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Running Head: MANAGERIAL ACCOUNTING Managerial Accounting Course No: Name: Date:
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1 Managerial Accounting Accounting provides reliable information on a firm’s economic activity to present and potential creditors, investors and the management of the company. It records and summarizes business information in the most useful way to the interested users. There are three branches of accounting, which include managerial, financial and management accounting. In the document the central to our discussion is the managerial accounting which is used by the managers. Managerial Accounting Managerial accounting also well-known as cost accounting is the branch of accounting that is mainly concerned with reporting to the management of the company for supporting them in their decision making process. Normally, managerial accounting refers to the systematic process of preparing all the management reports and accounts (Maher, Stickney & Weil, 2012). The key goal of the process is to guarantee the availability of correct and well-timed statistical and monetary information required by the manager. It is vital to note that, the information arranged throughout the process of managerial accounting, is required by the managers to make short term decisions involving day-to-day operations of the firm. Difference between Managerial and Financial Accounting Accounting information serves both internal and external users. The different need of internal and external user needs different tactics to reporting business information. Financial
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