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.

---

Definitions:

Book Income

Book income is a company's financial income as reported in the financial statements, adhering to the rules of accounting, before any tax adjustments.

Loss Carryback

An accounting technique that allows businesses to apply current year’s net operating losses to previous years’ profits to reduce tax liabilities.

Income Tax Benefit

A reduction in income tax payments, which can result from deductions, exemptions, or credits, often recognizing benefits from losses or deductions from previous years.

Income Tax Expense

The amount of money a company or individual owes to the government based on earned income, reflecting the tax rate and taxable earnings for a fiscal period.