Problem:
Mark, recognizing that he needs a team of astute financial experts knowledgeable in performing in-depth financial analyses, has asked you to head up this highly skilled team. Your background demonstrates extensive experience as a financial analyst in the manufacturing sector. You are knowledgeable about reengineering and process improvements. One of your favorite books is The Goal, by Eliyahu Goldratt and Jeff Cox (1984).
As his key advisor and team leader, your first task is to help in the selection of the financial experts needed for the project. Since Mark is an engineer by discipline, he has asked you to differentiate and contrast between general financial accounting, cost accounting, and managerial accounting relative to finance. This information will help in selecting the best team.