Chapter 18 Managerial Accounting Concepts and Principles

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4 Terms

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Planning

Process of setting goals and making plans to achieve them.

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Control

Process of monitoring and evaluating an organization’s activities and employees.

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Direct costs

Costs that can be cost-effectively traced to a cost object. (ex for a bicycle include wages of bike maker, tires, seats, handlebars, cable, frames, pedals, and brakes.

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Indirect costs

Costs that cannot be cost-effectively traced to a cost object. Examples for a bicycle include factory accounting, factory rent, factory supervisor salary, and factory insurance.