Besides financial accounting and tax accounting there is a third type of accounting known as managerial accounting.
Management accounting involves the development of accounting information in a manner that it will help to a great extent in running a business.
Although managerial accounting is mostly financial in nature , at times it involves such non financial factors like politics, government policies and other environmental factors.
Such accounting basically concentrates on money in the bank, compensation of employees, performance of employees, setting of future goals etc.
Accountants at present will have to adapt to the corporate demands that are ever increasing, they will have to provide information, which was not required in the recent past.
It remains to be seen that how the accountants of today will conform to this change in the requirements of accounting information.
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