1. Define financial accounting.

- Financial accounting is concerned about the financial statement itself whereas

being used for external users by those who supply funds to the entity of the
other investor/person who already vested interest regarding its financial
operation of the firm. Usually, Financial accounting is regulated by a certain
accounting standard. (E.g., PAS, GAAP, IFRS) Also, Financial accounting is based
on historical transaction data. Mostly presented in the form of financial
statements, tax returns and other financial reports to external users.
2. Define management accounting.
- Management/managerial accounting focuses on the internal user where its area
is more prior to operations or business management of the organization in
making business decisions. Since management accounting focuses within the
organization, most of the data collected in managerial accounting are futuristic
and doesn’t follow any accounting standard.
3. How does management accounting serve both external users and internal users?
- Management accounting serves both external and internal users by being the
ground plan in making management decisions. As Management accounting
involves timely and well-detailed information, it supports the flow of the
management entities who provide products and services. It ensures that product
and services keep flowing. Without the operation, nothing will extend outside
the organization.
4. What are the differences between financial accounting and managerial accounting?
- Financial accounting focuses only on the creation of financial statements which
are being disturbed outside the company while managerial accounting focuses
on the internal financial processes and information inside the organization who
direct and control the operations.
5. Why is managerial accounting information more "future oriented" than financial
accounting?
- Since managerial accounting is focused on making business decisions, to sustain
the operation, it is needed to have contingency plans which involve management
interest on what or how will the operation continue and maximize the value to
its shareholders. Unlike financial accounting, it is only based on historical data or
day-to-day operation of the organization.

6. Discuss the relationships between goals, planning and controls.

 - If you have a goal, you need to brainstorm a plan on it before jumping to
conclusion. With planning, you can have the step-by-step process to achieve that
certain goal. Planning tends to be the powerhouse/ the pillar to succeed. And of
course, when acting on it, there's also limitations, and that’s where controlling
enters to achieve that certain goal.
7. Identify and define the three levels of planning.
- Strategic Planning - It is a type of plan where it has a long-term goal, and it
concerns the main objectives of the organization.
- Tactical planning - concerned with the implementation of strategic plans.
- Operational planning - a planning where focuses on the cooperation of different
departments to an organization to maintain the consistency of the operations.
8. Differentiate job order costing from process costing?
- Job order costing - involves costing for individual job orders. This means that for
every job completed by a factory direct cost (material, labor) can be directly
attributable to each individual job. Process costing on the other hand is the
costing for larger volumes. The costing is done for a huge process and costs are
allocated to process rather than individual jobs.
- Process costing - is a costing method that is used to calculate unit costs for the
finished goods at the end of a large production process. There exist no individual
or separate orders and so no individual allocation of costs is required. Any costs
incurred is due to the whole production process and so all the costs make part of
the end product.
9. What are the main characteristics of job order costing?
- Manufacture goods with customer specifications/demands (not for stock). Its
entities assess various jobs; each job has a separate cost unit. It measures costs
for each completed job, rather than for set time periods.
10. What are the main characteristics of process costing?
- Process costing has continuous production. The end product is the result of a
sequence of processes. Homogeneous products with identical and standardized
features ensure quality. The processing sequence is specific and predetermined.
11. What method must be used by a company manufacturing school bags?
- Process costing
12. What method must be used by a company manufacturing aircrafts?
- Job order costing
13. What method must be used by a company manufacturing candies?
- Process costing
14. What method must be used by a beer manufacturing company?
 - Process costing
15. What method must be used by a company manufacturing tennis balls?
- Process costing

References:
https://learn.financestrategists.com/explanation/cost-accounting/analysis-of-cost/what-is-
process-costing/
https://www.accountingformanagement.org/similarities-and-differences-between-job-and-pc/
https://www.tutorialspoint.com/what-is-the-job-costing-and-its-characteristics