ACCOUNTING PERIOD Definition

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ACCOUNTING PERIOD is the time period for which accounts are prepared, usually one year.

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MANAGEMENT ACCOUNTING is the process of identification, measurement, accumulation, analysis, preparation, interpretation, and communication of financial information used by management to plan, evaluate, and control within an organization and to assure appropriate use of and accountability for its resources. Management accounting also comprises the preparation of financial reports for non-management groups such as shareholders, creditors, regulatory agencies, and tax authorities.

ENGINEERED COSTS are those costs having a clear linkage to output, e.g., direct materials costs.

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