Problem:
You have recently hired a new assistant, Sally Jones, who previously worked in a financial accounting office preparing journal entries and financial statements. While your new assistant has experience with and fully understands financial accounting, she has no experience with managerial accounting.
Assignment:
In a memo to your new assistant, Sally Jones, explain to her the similarities and differences between financial and managerial accounting. Provide examples of managerial accounting reports she could expect to see within SAC, and explain how management might use the information to make decisions.