Control is the process of setting goals and determining ways to achieve them.

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An important managerial accounting report is the budget, which predicts revenues and expenses

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An employee overstates his reimbursable expenses in one period in order to receive needed additional cash. Since he intends to reduce his expenses the next period by the current overstatement, this act is not considered fraudulent.

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Product costs are capitalized as inventory on the balance sheet and period costs are expensed on the income statement.

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The sales commission incurred based on units of product sold during the month is an example of a product cost.

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Raw materials inventory should not include indirect materials.

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