Managerial accounting is a specialized area of accounting that involves the collection, analysis, and reporting of financial data for internal use by managers. Synonyms for managerial accounting include management accounting, cost accounting, and managerial finance. These terms all refer to the same function of accounting, which is to help managers make informed decisions based on financial data. Management accounting focuses on providing information to internal decision-makers, while cost accounting emphasizes the study of costs related to production activities. Managerial finance, on the other hand, deals with financial strategies and decisions pertaining to the organization as a whole. Regardless of the term used, the goal of managerial accounting is to provide valuable information for managing a business.