Managerial accounting provides internal information to management for planning, directing operations, and decision making. It involves tracking direct and indirect costs and classifying costs as product or period costs. Managerial accounting information includes raw materials, work in process, and finished goods inventory amounts. This information helps determine selling prices, monitor and control costs over time, identify issues like scrap materials, and set targets like units to be sold to cover costs. Managerial accounting thus provides tools to manage and control a business.