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1) List seven key differences between Managerial Accounting and Financial Accounting
1) List seven key differences between Managerial Accounting and Financial Accounting. (Note for each point you need to indicate what happens under Managerial accounting and what happens under Financial accounting for the identified difference)
2) List four major potential benefits of successfully implementing a just-in-time (JIT) system in a manufacturing company.
Expert Solution
Answer:
1) Managerial Accounting
1. Used strictly for internal purposes
2. Managerial accounting frequently looks ahead
3. Managerial accounting typically runs a variety of operational reports throughout the month
4. Managerial accounting uses estimated amounts
5. Focuses on specific management needs
6. Managers can choose the information they need
7. Managerial reports include the following: Departmental Reports, Sales Reports, and Inventory Reports.
Financial Accounting
- Provides financial information based on accounting standards
- Financial accounting offers analysis of historical data
- Financial accounting runs financial statements at the end of the accounting period
- Financial accounting only uses actual numbers.
- Reports on the entire company
- Information is provided based on outside regulators
- Financial reports include the following: Balance Sheet, Income Statement, Cash Flow Statement
2)
Jit Benefits:
- Cost Reduction
- Increase of Capital Turnover Ratio
- Elimination of Waste
- Continuous Flow of Production
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