Final answer:
Managerial Accounting is the area of accounting that provides information to internal users to assist in company decision-making. It focuses on budgets, cost analysis, and internal financial reports to help guide strategic and operational decisions.
Step-by-step explanation:
When information is provided to internal users to assist with decision-making within a company, this is known as Managerial Accounting. Unlike financial accounting, which focuses on providing financial information to external parties such as investors and creditors, managerial accounting provides information to managers and other internal decision-makers. It includes the development of budgets, analyzing the cost of products, services and processes, and preparing internal financial reports.
Management accountants use this information to help guide the strategic and operational decisions of the business. Examples of such decisions include pricing of products, choosing which markets to compete in, and determining the cost cuttings that may be necessary for the company to remain competitive.