Many students who study managerial accounting will work for small ad medium-sized businesses, and some may own small and medium-sized businesses. To operate a small and medium-sized business, you need an understanding of managerial accounting, among other skills. a) How could understanding managerial accounting help you as a small and medium-sized business owner of one of the competing firms? b) Using the Management Accounting , discuss how these two competing small and medium-sized firms can apply management accounting knowledge to position themselves strategically in the market.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Many students who study managerial accounting will work for small ad medium-sized businesses,
and some may own small and medium-sized businesses. To operate a small and medium-sized
business, you need an understanding of managerial accounting, among other skills.

a) How could understanding managerial accounting help you as a small and medium-sized
business owner of one of the competing firms?
b) Using the Management Accounting , discuss how these two competing
small and medium-sized firms can apply management accounting knowledge to position
themselves strategically in the market. 

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