Responsibility Centers include the following except: A) Profit B) Revenue C) Process D) Cost

Q: Discuss the Cost- Volume- Profit assumptions and its importance to the business organization in…

A: Cost Volume Analysis is a process of study of the relation between the costs of the product, volume,…

Q: Explain the following basic principles in cost management: a. profits b. life cycle costs c.…

A: basic principles in cost management explained Indirect costs Expenses which are  not readily…

Q: what accounting method will be used to evaluate each of the responsibility centers?

A: Responsibility accounting: Responsibility accounting refers to the various tool used by managerial…

Q: The systematic examination of the relationships among selling prices, volume of sales and…

A: It is significant for every busines to analyse the quantity to be sold for achieving break even and…

Q: Managers in which of the following responsibility centers are held responsible forprofits? (You may…

A: C. Profit centers is the answer

Q: Which statement below best describes a profit center?a. The authority to make decisions affecting…

A: Answer c. The authority to make decisions over the most significant costs of operations, including…

Q: . What are the three principle objectives of cost accounting system?

A: Cost accounting system is a system in which all the costs related to manufacturing, selliing the…

Q: A profit center manager often also supervises revenue and cost center managers. True or False True…

A: Solution 1: True, A profit center manager often also supervise revenue and cost center manager…

Q: Identify the purpose and process for each component (Front-End, Middle, Back-End) of revenue cycle…

A: What is RCM? Revenue Cycle Management (RCM) alludes to the way toward recognizing, gathering and…

Q: In a profit center, the manager has responsibility and authority for making decisions that affect…

A: Introduction:- A responsibility center is a different segment of an organization and specific task…

Q: When evaluating the performance of a manager, why shouldfixed costs be divided into the categories…

A: Controllable expenditure: Controllable expenditure is an expenditure that is directly controllable…

Q: Responsibility centers typically involve cost, profit, and investment centers. What is the basic…

A: A responsibility center is a functional entity within a company with its own aims and objectives,…

Q: Describe the approaches of target profit.

A: Target Profit: It refers to the desired amount of profit that a company expects to achieve by the…

Q: Discuss two potential uses of the ABC cost information for decision-making, to the managers

A: Activity based costing (ABC): It is generally called ABC costing. This method is used in assigning…

Q: What is the typical focus of responsibility reports for cost centers, revenue centers, and profit…

A: Responsibility Centre:   A responsibility centre is used to show the financial performance of all…

Q: Explain how to get positive behavioral effects from a responsibility-accounting system.

A:

Q: 7. Responsibility Accounting: a. What is a cost center? Give an example of a cost center b. What is…

A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve first three…

Q: What is the key feature of activity-based responsibility accounting? Briefly explain.

A:

Q: responsibility centers have accountability for revenues

A: First option is wrong because although investment center has accountability for revenues, cost…

Q: Which of the following statements best describes a profit center?a. The responsibility for combining…

A: The profit center affects the major profit decisions of the authority that includes the choosing…

Q: Explain how the choice of the type of responsibility center (cost, revenue, profit, or investment)…

A:

Q: In a responsibility accounting system, should the recording of revenue and costs begin at the…

A: Responsibility center: A department or unit of a corporation where the management assigns the…

Q: How you relate the differential cost with management of revenue in management accounting.

A: Management Accounting is a type of accounting which is used within the company for the purpose of…

Q: What is the relationship between contribution margin and responsibility margin? Explain how each of…

A: Contribution Margin: The contribution margin is the excess of selling price over the variable costs…

Q: Differentiate between a profit center and an investment center.

A: Responsibility center: A responsibility center is a department or unit of a corporation in which…

Q: explain and describe the various costing method in management accounting.outline their advantagesand…

A: Using product costing procedures, a cost is allocated to a product. The most frequent costing…

Q: Identify and discuss arguments that individual product managers may put forward to support their…

A: Preferred Revenue Allocation method is a revenue allocation method in which managers in charge of…

Q: Value chain classifications Match each of the following cost items with the value chain business…

A: Value Chain Analysis is an inbound logistics that includes a range of activities like receiving,…

Q: Which one of the following is NOT a budgetary benefit? It establishes the organization's goal. It…

A: Budgeting is a written plan covering projected activities of a firm for a defined period of time…

Q: Define standard costs and explain how they assist managers in controlling costs.

A: standard cost: Standard cost is an estimated or predetermined cost based upon existing conditions.…

Q: Classify the following fixed costs as normally being either committed or discretionary:f. Management…

A: Cost:   It is the economic value of resources incurred by a firm to manufacture a product or render…

Q: Match each of the following type of responsibility centers with what all they are accountable for.…

A: Responsibility Center: A business segment whose managers are responsible or accountable for certain…

Q: Describe accounting and presentation for research and development and similar costs.

A: Definition:   Research and development cost: These are the cost that is incurred on the research…

Q: Which of the following is not among the main uses of Activity-Based-Management ABM Select one: O a.…

A: Activity Based Management is a method or procedure of analysing profitability of the company by…

Q: Using performance reports to evaluate cost, revenue, and profit centers Management by exception is a…

A:

Q: Cost accountancy

A: Cost accountancy is the application of cost accounting principles, methods and techniques to…

Q: components of the Contribution Margin Income Statement, how does management use this in the decision…

A:

Q: Which responsibility center's manager would be most concerned about the segment's return on…

A: the responsible center is the organizational unit that is being headed by the manager. generally, a…

Q: Which of the following is one of the difference between management accounting and cost accounting.

A: Difference between management accounting and cost accounting is given below,

Q: A responsibility center in which the department manager has responsibility for and authority over…

A: Costs might be traced to manufacturing and to specific locations within a business entity and…