A function that includes actions like monitoring and tracking is part of which phase?

The correct answer focuses on the controlling phase of managerial accounting, which is primarily concerned with monitoring performance and comparing actual results to the planned objectives. This phase involves activities that ensure organizational goals are being met and allows management to take corrective actions if performance deviates from the target.

Monitoring and tracking involve gathering data on actual performance and assessing whether the operations are on track to meet financial and operational targets. It also includes analyzing variances between what was planned and what is actually occurring. These practices are essential for maintaining effective control over business operations, supporting decision-making, and ensuring alignment with the overall strategic plan.

In this context, the planning phase involves setting objectives and determining the necessary steps to achieve those objectives, while directing refers to guiding and overseeing the implementation of plans. Implementing is about executing the plans that have been established. However, the specific actions of monitoring and tracking fall squarely within the controlling phase, where managers assess ongoing operations and make adjustments as necessary to improve performance or rectify issues.