Imagine that one of your friends or relatives was going to open up a business. Think about the top 5 takeaways from Managerial Accounting (ACCT 2120) that you would want to share with this person to help him or her make this business a success.

Now write a report containing the following information.
o Describe this key takeaway in enough detail that your friend or relative can act on your explanation without having to do additional research.
o As you describe your key takeaway, make sure to define any accounting words that your friend or relative would not know.
o Provide an example of what applying this takeaway would look like for your friend’s company.