COST ACCOUNTING
COST ACCOUNTING STANDARDS
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Question
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The area of accounting aimed at serving the decision-making needs of internal users. The collecting, managing, and processing of financial and nonfinancial information for use by managers and other internal decision makers of an organization
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The amount a business earns after subtracting all expenses incurred to generate revenues; also called profit or earnings.
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Detailed explanation-1: -Managerial accounting is the area of accounting that serves the decision-making needs of internal users.
Detailed explanation-2: -Managerial accounting is the type of accounting that provides financial information to managers and decision-makers within a company. Managerial accounting often involves various financial metrics, including revenue, sales, operating expenses, and cost controls.
Detailed explanation-3: -Managerial accounting focuses on internal users-executives, product managers, sales managers, and any other personnel within the organization who use accounting information to make important decisions.
Detailed explanation-4: -The area of accounting that focuses on the reporting of financial statements that provide useful accounting information to its external users like investors, suppliers, creditors, and the government is financial accounting.