ECONOMICS

Detailed explanation-1: -Managerial accounting encompasses many facets of accounting, including product costing, budgeting, forecasting, and various financial analysis. This differs from financial accounting, which produces and disseminates official financial statements for public consumption that conform to prevailing accounting standards.

Detailed explanation-2: -Key Takeaways Management accountants work for public companies, private businesses, and government agencies. Their duties include recording and crunching numbers, helping to choose and manage company investments, risk management, budgeting, planning, strategizing, and decision making.

Detailed explanation-3: -Solution: Purpose of management accounting is to help managers make decisions. Management accounting helps organizations improve their ability to control costs and plan for the future through financial forecasts. It also focuses on providing reports to ensure comprehensive management oversight.