- 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.
- Describe how you would advise Dr. White to prepare for reduced budgets.
Managerial accounting and cost accounting go hand in hand, but they are two different things. Cost accounting deals with determining the cost of units produced. Managerial accounting deals with the preparation ...
This solution explains the difference between managerial accounting a cost accounting, describes the lean production philosophy, and compares lean production to typical production accounting.