What Is the Law of Effect and Who Was Responsible

question 273

Short Answer

What is the law of effect and who was responsible for its conceptualization?

Understand the classification of costs as product or period costs and their impact on financial statements.

Recognize the characteristics and requirements of managerial accounting reports versus financial accounting reports.

Understand the importance of managerial accounting in planning, controlling, and decision making.

Identify the different phases of the management process and the role of managerial information in these phases.