Managerial Accounting

managerial accounting
• is concerned with the provisions and use of accounting information to managers within organizations, to provide them with the basis to make informed business decisions that will allow them to be better equipped in their management and control functions.
• Involves the measurement of financial information that helps an entity make better decisions about its operations.
• Deals with the planning and control of organization operations that include identification, measurement, accumulation, preparation, interpretation, and communication of information that assists management in fulfilling organizational objectives.
• Managerial accounting is concerned with providing information to managers-that is, people inside an organization who direct and control its operation. In contrast, financial accounting is concerned with providing information to stockholders, creditors, and others who are outside an organization.
financial accounting          
• The process of collecting, summarizing and reporting financial information of an entity according to established standards and principles.
• is the field of accountancy concerned with the preparation of financial statements for decision makers, such as stockholders, suppliers, banks, employees, government agencies, owners.
• A field of accounting that treats money as a means of measuring economic performance instead of as a factor of production. It encompasses the entire system of monitoring and control of money as it flows in and out of an organization as assets and liabilities, and revenues and expenses.
cost accounting            
• A method of accounting in which all costs incurred in carrying out an activity or accomplishing a purpose are collected, classified, and recorded. This data is then summarized and analyzed to arrive at a selling price, or to determine where savings are possible.
• A branch of accounting dealing with the classification, recording, allocation, summarization and...