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    1) Management accounting and financial accounting are really the same thing. One is just more formal than the other is.

    Do you agree with this statement? Explain.

    2) A few years ago, the Chariot Manufacturing Company installed automated robots worth billions of dollars in its auto assembly lines, believing that the robots would improve profitability and increase the efficiency of the manufacturing process. However, Chariot lost many billions of dollars more despite the fact that it was able to make automobiles faster using the robots. Why would this happen? What could have caused this situation? Explain.

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    Solution Preview

    One does not easily agree that Management accounting and financial accounting are completely different. For example, management accounting is a means of controlling costs within the organization itself as well as to increase profits. However, financial accounting is dealing with actual financial statements, and reporting activities to an ...

    Solution Summary

    This solution dealt with ways in which management and financial accounting are different, and what to do in an accounting situation.