This document summarizes key concepts from Chapter Eight of a management accounting textbook, including: 1) The differences between managerial and financial accounting in terms of users, reports, purpose, and verification. 2) The importance of managerial accounting information for decision making through planning, directing, controlling, and improving decisions. 3) Cost concepts including classification of costs by behavior, function, and period. 4) Preparing financial statements for manufacturing companies including statements of cost of goods manufactured and income.