Management and Financial Accounting Lillian Choi, an able mechanical engineer, was informed that she would be promoted to assistant factory manager. Lillian was pleased but uncomfortable. In particular, she knew little about accounting. She had taken one course in financial accounting. Lillian planned to enroll in a management accounting course as soon as possible. Meanwhile, she asked Walt Greenspan, a cost accountant, to state three or four of the principal distinctions between financial and management accounting. Prepare Walt's written response to Lillian.