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Lean production philosophy, managerial accounting

- Describe how managerial accounting is different from cost accounting.
- Describe the lean production philosophy.
- Compare and contrast accounting principles in lean production to those of typical production.

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- Describe how managerial accounting is different from cost accounting.

Cost accounting investigates the cost of items, typically inventory cost per unit, but also the cost of other business items or segments. Its main focus on what something costs as the name implies.
Managerial accounting is interested in decision-making, performance and financial management aspects of the firm. It is concerned with internal controls, performance metrics and rewards, giving the organization feedback about operations, and anticipating potential transactions and results (budgets, forecasts).

- Describe the lean production philosophy.

The lean production ...

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