Question
Asked Nov 18, 2019
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Explain what responsibility accounting is and how budgets are used in responsibility accounting. How should the traditional budget system be evolved to promote innovation within the corporation?

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Responsibility accounting: Responsibility accounting includes accounting and forecasting. It assists in the planning and control of a company's responsibility as a division or departments wise.

 

Responsibility accounting includes the preparation of annual and monthly Budgets for each division or departments. Actual transactions are classified by responsibility division or departments’ wise a...

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