While financial reporting focuses on providing financial reports to external users such as investors and creditors, managerial accounting focuses on providing financial information to internal users, typically management, to facilitate better decision-making.

• Discuss the key elements of the management accounting basic framework.
• Explain the distinction between product costs and period costs including examples of each.
• Explain how managerial accounting concepts apply to the business including cost classification and the determination of the costs of products or services.