The purposes of managerial accounting are to provide useful information to aid in "calculating the costs of a company's goods and services, planning for future activities, and comparing actual to planned results."
<h3>What is managerial accounting?</h3>
Managerial accounting is the method of identifying, assessing, analyzing, analyzing, and communicating financial data to executives in order to help them achieve the goals of their organization.
Some key points regarding the managerial accounting are-
- Managerial accounting differentiates from financial accounting in that its intended purpose is to assist users within the organization in making well-informed strategic decisions.
- Unlike financial accounting, managerial accounting techniques are not governed by accounting standards.
- The demonstration of managerial accounting information can be tailored to the needs of the end user.
- Managerial accounting includes many aspects of accounting, such as product costing, financial planning, forecasting, and financial analysis.
- Financial accounting, on the other hand, generates and disseminates formal financial statements for mass consumption that adhere to current accounting standards.
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