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Lilian Choi, an able mechanical engineer, was informed that she would be promoted to assistant factory manager. Lilian was pleased but uncomfortable, in particular, she knew ite about accounting She had taken one course Lilian planned to enrol in a management accounting course as soon as possible. Meanwhile, she asked Wat Greenspan, a cost accountant, to state three or four of the principal distinctions between financial and management Requirement 1. Prepare Wit's written response to Lilian The focus of management accounting is on helping internal users make better decisions, whereas the focus of financial accounting is on helping external users make better decisions Generally accepted accounting principles constrain financial accounting but not management accounting. This means that organizations may set up multiple accounting systems for internal purposes Budgets, the formal expressions of management's plans, are not a major feature of francial accounting Budgets are major devices for competing and disciplining management planning. An important use of financial accounting is the evaluation of performance, providing incentives, and feedback to improve future decisions. Accounting systems have an enormous influence on the behavior of individuals at Management accounting is less concerned with the likely behavioral effects of various accounting alternatives than is financial accounting