I went through the developer forum to know the difference between managed an unmanaged in-app products. they are saying that "Items that are unmanaged do not have their transaction information stored on Android Market, which means you cannot query Android Market to retrieve transaction information for items whose purchase type is listed as unmanaged. You are responsible for managing the transaction information of unmanaged items."
What does it mean? When i test the in-app product for both managed and unmanaged im getting proper response from server, in my merchant account also the order is getting displyed for both managed and un-managed app. please help me to know the difference between these two.