What is Managerial Accounting?
There is a branch of accounting named managerial accounting, and it can be used to provide managers with more information to help them make better financial decisions. Opposite to financial accounting, managerial accounting deals with the financial information for internal purposes, not with the outsiders (e.g., lenders, investors). Thus, the techniques implemented in this type of accounting are not dictated by accounting standards, unlike financial accounting. If you need more explanation, please watch the video.