A field of accounting that provides economic and financial information for A managers and other internal users. The management of an organization performs several broad functions. They are: B 2 C Charged to expense as incurred Costs that are an integral part of producing the product D Managerial accounting Planning, directing, and controlling Period Costs Product Costs Manufacturing Overhead Financial accounting Direct Material v Indirect Labor Indirect Materials E Costs that is indirectly associated with manufacturing the finished product Costs that is indirectly associated with manufacturing the finished product Provides financial statements that report results of operations, financial F. position and cash flows both to managers and to external stakeholders: owners, creditors, suppliers, customers, the governments and society Basic materials and parts used in the manufacturing process G Direct Labor Work of factory employees that have no physical association with the H. finished product or for which it is impractical to trace costs to the goods produced Not physically part of the finished product or they are an insignificant part of finished product in terms of cost. Work of factory employees that can be physically and directly associated J. With converting raw materials into finished goods