Responsibility centers. Elmhurst Corporation is considering changes to its responsibility accounting system. Which of the following statements is/are correct for a responsibility accounting system.   In a cost center, managers are responsible for controlling costs but not revenue. The idea behind responsibility accounting is that a manager should be held responsible for those items that the manager can control to a significant extent. To be effective, a good responsibility accounting system must help managers to plan and to control. Costs that are allocated to a responsibility center are normally controllable by the responsibility center manager. I and II only are correct. II and III only are correct. I, II, and III are correct. I, II and IV are correct.

Q: Which of the following is not a qualitative decision that should be considered in an outsourcing…

A: Outsourcing refers to receiving of services from another company in order to fulfill out company…

Q: In the field of cost accounting, one of the most critical decisions made by a manager is the type of…

A: Choosing the type of technology that the organisation will use to produce its products or deliver…

Q: Profit Corp. has a subunit classified as a cost center that supports other parts of the firm but has…

A: A profit center is a department or division of a firm that directly adds to or is expected to add to…

Q: Which of the following statements is/are true? Statement 1: Under Operational excellence strategy,…

A: Budgets are the instruments that are used to estimate and present the expected receipts and…

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

A: C. Profit centers is the answer

Q: Why do managers use a standard cost system to control business activities? a) Setting standards…

A: Standards represent the budgeted performance that the company expects to achieve in future. The…

Q: The cost management information system provides information *       A. that the accountant needs to…

A: Answer: The cost management information system provides information *   B. that the manager…

Q: When it comes to cost behavior,

A: Cost Behavior is that the amendment within the behavior of a price (or costs) thanks to a amendment…

Q: Now, as a management accountant, choose three (3) negative attitudes, explain them and write yourr…

A: Negative attitudes from a management’s perspective are: Resistance from Employees. High cost for…

Q: The following are advantages of budgeting, except Allocates resources of the company Define goals…

A: Lets understand the meaning and advantage of budgets. Budget is a estimation of income and…

Q: The controller of Tri Con Global Systems Inc. has developed a new costing system that traces the…

A: Generally Accepted Accounting Principles (GAAP): These are the guidelines necessary to create…

Q: Cost & Managerial Accounting and the Business Environment in details. Identify the major…

A: Cost and Managerial accounting and Business Environment plays an important role in a business's…

Q: Organization Structure refers to a. Making necessary arrangements for procuring required manpower…

A: Organization structure means the layer of organization where every duties and responsibility of each…

Q: In each of the following situations, identify which type of responsibility center is appropriate…

A:

Q: Comment on the new responsibility-centre designation for the Logistics and Distribution Department.

A:

Q: Assume that a company has decided not to allocate any support department costs to producing…

A: Cost allocation means assigns cost to different heads or departments. It is a good tool that can be…

Q: Xerox Corporation has been an innovator in its responsibility-accounting system. In one initiative,…

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

Q: Costing systems and investment centres are two types of business segments that are entirely…

A: The excess of revenues over expenses is defined as the net profits of the organization. he cost of…

Q: In addition to resistance from employees during strategy implementation, there are other potential…

A: Strategy is the amount of planning and organising the things for the effective and efficient…

Q: Decentralized businesses can have three responsibility centers that must be evaluated differently…

A: Decentralization is the division of an entire company into smaller units. These units achieve some…

Q: III. Challenging budgets tend to motivate improved performance.

A: In the budget, the targeted performance of each employee is determined. These can be used as a…

Q: Instructions:  Designate the best answer for each of the following questions. 1.Which of the…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: What are the factors of incremental analysis such as relevant costs, opportunity costs, and sunk…

A:

Q: Is Standard costing still a useful tool for the Management accountant? How could it be adapted to…

A: Costing Accounting- A cost accounting system is a type of perpetual inventory accounting system that…

Q: For each of the following, select its best description. A. Provides information used to evaluate the…

A: SOLUTION- INVESTMENT CENTER IS A BUSINESS UNIT WITHIN AN ENTITY THAT HAS RESPONSIBILITY FOR ITS OWN…

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: The controller of Tri Con Global Systems Inc. has developed a new costing system that traces the…

A: A costing system is a method chosen for assigning the cost of different activities involved in the…

Q: Consumer Focus is a marketing research firm that organizes focus groups for consumer￾product…

A: Direct costs are the costs which are related to a product or service. Indirect costs are not…

Q: Responsibility accounting means that a manager should be held responsible for those items in the…

A: SOLUTION- RESPONSIBILITY ACCOUNTING  IS A KIND OF MANAGEMENT ACCOUNTING THAT IS ACCOUNTABLE FOR ALL…

Q: Efficient and effective use of limited resources is the key to success in today’s economy. Assisting…

A: Budgeting procedure is the process where revenue and the expenditures are estimated for the period…

Q: Identify the major problems in this situation and explain how they impact the organization. You will…

A: Soldering workers rarely accomplish operations in less time than the standard permits at the moment.…

Q: Justin Bleeber has prepared the following list of statements about managerial accounting, financial…

A: The focus of financial accounting is to provide information to both internal as well as external…

Q: For each of the following, select its best description. A. Incurs costs without directly yielding…

A: Costs and revenues are two important elements in business. Performance of managers is also being…

Q: “I’m going to focus on the customers of my business and leave cost-allocation issues to my…

A: Costing: Costing is a technique used in cost accounting to determine the cost of a product. With the…

Q: Responsibility accounting means that a manager should be held responsible for those items in the…

A: Responsibility accounting: the responsibility accounting is a part of managerial accounting where…

Q: What is the aim of dividing businesses into departments for the purpose of controlling management?…

A: The Answer:

Q: ges the inventories and provides other logistical services to the company s Business Systems Group.…

A: Introduction Responsibility accounting system is designed where subunit or investment center…

Q: What is the most likely consequence of unethical behaviours by management accountants? Satisfied…

A: Basic Concept of Management Accounting