Question 1-1:How does managerial accounting differ from financial accounting?

Reporting External Internal (to managers)Timing Past Present/FutureRequired? Yes per GAAP Not Mandatory

Question 1-2: Pick any major TV network and describe some planning and control activities that its manager would engage in.Planning:Selecting organization goal: get more viewers; get more rewards..

Predicting results under many ways of achiving it: new shows, better cast, new programms…

Deciding how to achieve: what cuts or upgrades are necessary to make it happen..

Communicating the goals and how to attain them to whole company.

Control:Focus on taking actions to implement the planning decisions

Evaluate performance and provide feedback to improve future decision making.

Question 1-5: Why is managerial accounting relevant to business majors and their future careers?Because it helps the managers and decision makers, to analyse the company, achieving the their goal throught tge best choices.

Question 1-6: Why is managerial accounting relevant to accounting majors and their future careers?Because it helps the accountants to compile, analyse and read what the data gathered says.