What is managerial/management accounting
Field of accounting that provides economic and financial information for managers and other internal users - helps make informed decisions about the company instead of guesses
Main differences between financial and managerial accounting (primary users, types and frequency of reports, purpose of reports, verification process)
FA - external users, financial statements done quarterly and annually, general purpose, limited to double-entry, has generally accepted principles, audited by CPA
MA - for internal users, internal reports done as frequently as needed, special-purpose for specific decisions, extends beyond double-entry to any relevant data, no independent audits
3 Management Functions
Planning
Directing
Controlling
Value chain
All activities associated with providing a product or service
