Answered: Explain and describe the various…

Business

Accounting

Explain and describe the various costing methods used in management accounting

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter2: Building Blocks Of Managerial Accounting

Section: Chapter Questions

Problem 11Q: Explain the components of the total cost equation and describe how each of the components can be...

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Explain and describe the various costing methods used in management accounting.

Definition Definition Process by which financial information is analyzed, interpreted, and communicated to managers to support the achievement of an organization's goals. The main objective of managerial accounting is to maximize profits and minimize losses.

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