Exercises BASIC LEVEL 1.11 Financial and management accounting. (15-20 minutes) Anne-Jorun Srensen, an able electrical engineer, was informed that she was going to be promoted to assistant plant manager. Anne-Jorun was elated but uneasy. In particular, her knowledge of accounting was sparse. She had taken one course in financial accounting but had not been exposed to the management accounting that her superiors found helpful Srensen planned to enrol in a management accounting course as soon as possible. Meanwhile, she asked Siri Aspelund, an assistant controller, to state two or three of the principal distinc tions between financial and management accounting using some concrete examples As the assistant controller, prepare a written response to Srensen A fully worked solution to this exercise is provided in Appendix A