Managerial Accounting is used by managers to plan, implement and control various aspects of a business. Also known as Management or Cost Accounting, Managerial Accounting is concerned with the costs of manufacturing or producing products, and thus uses a specific cost classification system depending on cost behaviour, traceability, relevance and function.
After you’ve studied through your notes, text, and teaching slides take this short quiz to test your understanding of the basics of Managerial Accounting.
How did you do? Less than 9 out of 12? Review the concepts of Managerial Accounting and try again. Any questions, feel free to ask.