Managerial
Accounting and Management Cost
Accounting
Managerial
Accounting is also called management accounting or cost accounting. A
cost or management accountant produces
information for internal company use.
This type of accounting is quite different than general ledger or financial accounting. The main difference is that the reporting is secret, and is only for management. The management reports generated will rarely be seen by anyone outside the company. The information generated involves the cost and profits details of the product or service of the company. Competitors do not need to know this information. If they did, they would have an unfair advantage when quoting on new work. While the cost or management accountant takes the normal accounting and business classes in school, he also acquires special costing and financial analysis skills from working with detailed product information. What education is required for this type of accountant?
Confidentiality:
Many firms have and will continue to acquire new work at a price that will put them out of business because the price is less that the firm's cost. Just as bad, many will not get new work because they do not know enough about their costs to reduce and control them, while companies that do know their costs and control these costs will win. Other cost accounting types: Manufacturing Cost Accounting Hospital and Health Care Cost Accounting Job Order Cost Accounting Return to TOP of Page Return from Managerial Accounting to Understanding Cost Accounting 
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