Managerial Accounting: Tools for Business Decision Making

Managerial accounting involves gathering and analyzing financial information to help business leaders make informed decisions. It provides internal reports on costs, budgets, and performance, enabling managers to plan, control operations, and set strategies. Unlike financial accounting, which focuses on external reporting, managerial accounting is tailored for internal use, offering insights that support day-to-day decisions and long-term growth. Its tools include cost analysis, budgeting, and variance analysis, helping managers optimize resources, improve efficiency, and achieve business objectives effectively.