Term

Financial Accounting...

Definition

reporting financial information to external parties (like stockholders, creditors, and regulators)...

Term

Managerial Accounting...

Definition

providing information to employees within an organization so that they can formulate plans, control operations, and make operations

Term

Direct Costs...

Definition

costs that can be easily and conveniently traced to a unit of product or other cost object (ex- direct material and direct labor)