Costing

Financial Accounting-Variable Costing

How is managerial accounting different from financial accounting?

Managerial Accounting refers to the processes in application by the company or business organization to identify, measure, analyze, interpret, and communicate vital information in relation to pursuing the mission, objectives, goals, and vision of the entity. Managerial Accounting is also the cost accounting. Financial Accounting is the act of providing relevant information on the financial position and performance of the company using financial statements to the external users or investors on a cyclic basis. Financial Accounting and Managerial Accounting differs in relation to their applications. They also differ in the context of the interests they serve while enabling the company to meet its needs. Managerial Accounting enables the company to obtain vital information to help managers within the company to make crucial decisions about the firm. This indicates that managerial accounting is critical for internal purposes. Financial Accounting...
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