An important ﬁrst step in studying managerial accounting is to create a framework for thinking about the various types of costs incurred by organizations and how those costs are actively managed.

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This statement is true. Understanding cost management is a crucial component of managerial accounting, and creating a framework for categorizing and managing costs is an important first step in that process.

An Important ﬁRst Step in Studying Managerial Accounting Is to Create