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Managerial Accounting for Planning and Controlling

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How is managerial accounting working for planning and controlling? Indicate any specific roles of managerial accounting compared with other organizations.

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Managerial accounting deals directly with the planning and controlling functions of an organization. Financial accounting is based on preparing information for the external user and for external purposes, whereas managerial accounting is based on preparing information for the internal user and for internal purposes. A large part of those purposes includes preparing data for planning and controlling within the organization. ...

Solution Summary

This solution explains how managerial accounting works for planning and controlling. I also indicate specific roles fulfilled by managerial accountants in comparison with other organizations.