Chapter 2: Building Blocks of Managerial Accounting

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Last updated 4:14 AM on 9/11/26
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12 Terms

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Service

Sells services rather than products

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Merchandising

Sells finished goods to the public

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Manufacturing

Manufacture products to sell to merchandisers

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Direct Costs

Easily traceable

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Indirect Costs

Not easily traceable

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Product Cost

Costs which are a part of product (inventory)

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Period Cost

Costs expensed in the period incurred

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Fixed Variable

Fixed costs in TOTAL are the same regardless of units produced

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Variable Cost

Variable costs in TOTAL change in proportion to units produced

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Structured Data

Highly organized in categories

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Unstructured Data

Digital images, social media posts

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Semi-Structured Data

“likes” on social media post