managerial accounting 495220

Chapter 1 Assigned Questions 1–1?How does managerial accounting differ from financial accounting? Managerial accounting is different from financial accounting in that Managerial accounting deals more with planning, controlling, and decision making within an organized group or company. Whereas, financial accounting is data and information that is presented to a third-party or another company about that business. Also, managerial accounting deals with future decisions and timeliness. They do not comply with the GAAP/IFRS. On the other hand, financial accounting deals with past consequences and precision. Financial accounting does have to comply with GAAP/IFRS. ??1–3?If you had to decide whether to continue making a component part or to begin buying the part from an overseas supplier, what quantitative and qualitative factors would influence your decision? ??1–5?Why is managerial accounting relevant to business majors and their future careers? ??1–8?Why do management accountants need to understand their company’s strategy? ??1–13?Why do companies that implement Lean Production tend to have minimal inventories???? ??1–14?Why are leadership skills important to managers? ??1–15?Why is ethics important to business???