In the Context of Managerial Accounting, _____ Are Costs That

question 120

Multiple Choice

In the context of managerial accounting, _____ are costs that are incurred as the result of some specific cost object.

• A) direct costs
• B) implicit costs
• C) indirect costs
• D) fixed costs

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Definitions:

Ledger

A collection of accounts in which the transactions of a business are categorized and recorded, serving as the main accounting record.

Account

A record that keeps track of financial transactions of a specific type or for a specific purpose within an organization.

General Ledger

A comprehensive record of all financial transactions that occur within a company, serving as the primary data source for the financial statements.

Financial Statements

Structured reports that detail the financial activities and conditions of a business, including balance sheet, income statement, and cash flow statement.