Terry Thompson has a dilemma, two of his supervisors are leaving, Jeff supervisor of the management accounting function and Fred, supervisor of the financial accounting department. Terry's background is finance and has only a basic understanding of accounting. He comes to you and asks, "I need to either hire someone from the outside or promote internally. What qualifications should I seek in each of the positions and what role do these positions play in strategic planning?

Required:
1. Answer each of the two questions by Terry. Your answer should be in a form of well prepared memo
2. In your own words what is the difference between a financial and managerial accountant?