Managerial accounting is the branch of accounting that deals with providing accounting information that is useful to managers in decision-making. Unlike financial accounting, it does not focus on following reporting standards. Rather, it makes use of principles from different fields of business to cater to management needs.
Managerial accounting involves budgeting and forecasting, performance evaluation, financial analysis, product costing and pricing, evaluation of business decisions, governance, corporate finance, and other areas.
Before taking a deep-dive into the said topics, the following lessons will introduce you to managerial accounting, how it differs from financial accounting and cost accounting, and the ethical standards to be followed in practice.