Managerial accounting simply means processing used to account for business transactions. Managerial accounting focuses on past performance as well as creating business forecasts. Managerial Accounting provides financial information for decision-making purposes to all the managers of the company, and it involves different financial metrics including sales, operating expenses, cost controls, and revenue. Managerial Accounting focuses on the internal processes of the organization. In terms of decision-making purposes, managerial accounting information is mainly used in short-term and long-term decisions and that information can be used for the financial health of the company (Dahal, 2019).
Also, the General Managers should have a knowledge of the accounting principles because it helps in the decision-making process regarding the financial position of the company, and it provides information regarding the assets and liabilities, profit and loss, cost and earnings, and it also increases the efficiency of the management(Dahal, 2019).
Dahal, R. K. (2019). Changing role of management accounting in 21st Century. Review of Public Administration and Management, 7(3), 1-8.https://fomcdmtu.edu.np/wp-content/uploads/International-Conference-Full-With-Cover.pdf#page=208