BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -People in this type of accounting are focused on the future, and will often run “what-if” scenarios for company leadership to help them make decisions to ensure the business stays profitable. On a day-to-day basis, people in managerial accounting will follow internal rules and best practices to accomplish tasks.

Detailed explanation-2: -Managerial accounting focuses on an organization’s internal financial processes, while financial accounting focuses on an organization’s external financial processes. Managerial accountants focus on short-term growth strategies relating to economic maintenance.

Detailed explanation-3: -Managerial accounting looks at past performance and creates business forecasts. Business decisions should be informed by this type of accounting. Investors and creditors often use financial statements to create forecasts of their own.

Detailed explanation-4: -Management accounting, also referred to as managerial accounting, is used by managers and directors to make decisions regarding the daily operations of a company. A distinguishing feature of managerial accounting is that it is not based on past performance, but on current and future trends.