Managerial accounting, also known as management accounting, is the process of preparing financial information and analyses for internal use by management to make informed business decisions. It involves the identification, measurement, analysis, interpretation, and communication of financial information to assist management in achieving organizational goals. Managerial accountants focus on providing data that is relevant and timely to support decision-making within the organization. They play a crucial role in strategic planning, budgeting, performance evaluation, and risk management. Overall, managerial accounting is vital for ensuring the efficient operation and success of a business.
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