Similar to financial accounting, managerial accounting accumulates and analyzes data to make logical economical decisions. "Variable costing" is an accounting decision-making tool that managers ...

Discover how absorption costing is used in GAAP for external reporting. Learn its components and why it's essential for understanding manufacturing costs.

Inventory cost often is the primary concern when dealing with inventories. Companies not only want efficient inventory cost management, but also need appropriate financial reporting on inventory cost.