Jan Harvi, an able mechanical engineer, was informed that she would be promoted to assistant factory manager. Jan was pleased but uncomfortable. She knew little about accounting and she had taken only one course in “financial” accounting. Jan planned to enrol in a management accounting course as soon as possible. Meanwhile, she asked Harland Young, a cost accountant, to state three or four of the principal distinctions between financial and management accounting.

Prepare Harland’s written response to Jan.