Assignment 1 for ACC 320 Question 1 Answer these question in less then 3-4 lines except question 1 [a little longer] 1. Differentiate between Management accounting and Financial accounting. 2. What are the three management functions that management accounting information can be used to make them become more effective? Explain each very briefly. 3. Explain what is the process of control? 4. Why is feedback necessary in management process? 5. What does Total Quality management emphasize [or put stress on]? 6. What are the two factors that can prevent a manager to maximize profit ? 7. Give an example of (a) planning (b) decision making 8. What is employee empowerment ? 9. How can ethical conduct improve profitability of a company