Imagine that you are home during a break from school and are talking to a friend about classes. You tell your friend, who is not a college student that you are taking managerial accounting this term. Your friend says that she remembers you took accounting last term and wonders why you have to take another accounting course. You look a little perplexed and decide to give that question some thought.

Required
As you think about your friend’s question, you decide to answer the following questions:
A. What are the differences between financial and managerial accounting (explain concisely)?
B. Why do the two types of accounting exist?
C. Who are the users of financial accounting information? Who are the users of managerial accounting information?