Lesson 1: Introduction to Managerial Accounting

Glossary - Know Your Words

Accounting is the language of business. To become proficient in accounting, it's essential to understand the terminology associated with each concept. Every lesson introduces specific terms, and we encourage you to take the necessary time to study each one carefully. Our glossary allows you to learn definitions in the context of related terms. It's a simple yet powerful tool that our university students have trusted for years to master accounting.

Administrative Costs
Administrative Expenses
Cost of Goods Sold
Direct Labor Costs
Direct Material Costs
Finished Goods Inventory
Indirect Labor Costs
Indirect Material Costs
Indirect Materials
Inventory
Managerial Accounting
Manufacturing Overhead Costs
Period Costs
Product Costs
Raw Materials Inventory
Selling and Administrative Costs
Selling Costs
Work in Process Inventory