Judy Burkett, an able mechanical engineer, was informed that she would be promoted to assistant factory manager. Judy was pleased but uncomfortable. In particular, she knew little about accounting. She had taken a course once in financial accounting.
Judy planned to enroll in a management accounting course as soon as possible. Meanwhile, she asked you, a cost accountant, to describe the functions of managerial accounting and state three or four principal distinctions between financial and management accounting.
Prepare your written response to Judy.
Financial Accounting is defined.