A ________ Helps Control Costs and Expenses and Evaluates Managers

question 119

Short Answer

A ________ helps control costs and expenses and evaluates managers' performance by assigning costs and expenses to the managers responsible for controlling them.

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Definitions:

Revaluation Method

An accounting method for periodically reassessing the value of an asset, usually upward, to reflect its current value.

Liquidation Value

The estimated amount that would be realized from the sale of a company's assets, after paying off its liabilities, if the company were to be liquidated.

Accrual

The accounting principle that income and expenses are recognized when they are earned or incurred, regardless of when the cash is actually received or paid.

Net Realisable Value

is the estimated selling price of goods in the ordinary course of business minus the estimated costs of completion and the necessary selling expenses, used in inventory valuation and impairment tests.