MANAGEMENT FOR ACCOUNTING

The process of creating organization goals by identifying measuring analyzing interpreting and communicating information to managers is call management or managerial accounting. Management accounting focuses on all accounting aimed at informing management about operational business metrics. Managerial accounting involves the presentation of financial information for internal purposes to be used by management in making key business decisions. ... Managerial accounting encompasses many facets of accounting including product costing budgeting forecasting and various financial analysis. Another key role of management accounting is to help managers decide on the prices of products by providing all the information regarding costs market factors and profitability. ... Essentially management accountants provide key insights that help a company''s management team make many of their decisions. The difference between financial and managerial accounting is that financial accounting is the collection of accounting data to create financial statements while managerial accounting is the internal processing used to account for business transactions.