BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Cost accounting is used internally by management in order to make fully informed business decisions.

Detailed explanation-2: -Information provided by the cost accounting is used only by the internal management of the organization like employees, directors, managers, supervisors etc. Users of information provided by the financial accounting are internal and external parties like creditors, shareholders, customers etc.

Detailed explanation-3: -Examples of internal users are owners, managers, and employees. External users are people outside the business entity (organization) who use accounting information. Examples of external users are suppliers, banks, customers, investors, potential investors, and tax authorities.

Detailed explanation-4: -Facilitates decision-making for management Accounting is especially important for internal users of the organization. Internal users may include the people that plan, organize, and run the organization. The management team needs accounting in making important decisions.