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 …
Quiz for Classifying Costs
Here's a quick quiz on cost classifications. As you take the quiz ask yourself the following questions. Does the cost change based on an activity? If it does it is a Variable Cost. If it does not, it is a Fixed Cost.Can I trace the cost directly to one unit of production? If you can …