What is the purpose of a responsibility accounting system?

Q: Which of the following is the impact of agency cost?

A: Agency costs are internal costs incurred due to the competing interests of Shareholder i.e the…

Q: Classify the Costs for Financial Statements?

A: Cost: The amount paid to purchase the asset, install it, and put it into operations, is referred to…

Q: What is responsibility accounting?

A:

Q: What is managing underwriter?

A: Managing Underwriter: The leading company in a guaranteeing group, which creates the transaction and…

Q: How should managers estimate and interpretcost information?

A: Cost: It refers to the economic value incurred by a company to produce a product or deliver a…

Q: What is the difference between operating departments and service departments?

A: There are so many multinational corporations that manage difficult industries. Managing such…

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: Differentiate between Cost audit and Financial audit.

A: An auditing is a process where the auditor examines or inspects various books of accounts, followed…

Q: What is the purpose of a responsibility center file?

A: Definition: Responsibility center file: The departments of the organization are generally referred…

Q: Can responsibility be delegated? Explain?

A: No,authority can be delegated but responsibility is absolute and cannot be delegated.

Q: How efficient is an Analysis at the account level technique?

A: The question is to discuss efficiency of financial analysis at account level or based on the data…

Q: What is Cost account payable

A: All variable costs are reduced from sales revenue to get at a contribution margin, from which all…

Q: What is operating company?

A: The operating company  is the actual manufacturer of a product or service. The operating company is…

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: What is the purpose of Classifying Costs for Financial Statement?

A: Cost Classifications helps the management in analysing the overall effect on the assets and…

Q: Classify the following activities as part of the identifying (I), recording (R), or communicating…

A: Accounting:   Accounting is a system, or a process of collecting and organizing economic…

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: Distinguish between cost accounting and managerial accounting.

A:

Q: What is the importance of Responsibility Accounting?

A: Responsibility accounting is an essential thought of accounting execution assessment structures. The…

Q: What is the benefit of a single set of high-quality accounting standards?

A: Definition: Accounting standards: The set of guidelines to follow for the preparation of the…

Q: What is meant by the term responsibility accounting?

A: Introduction: responsibility accounting is the process of the controlling the cost by giving the…

Q: How can the work-in-process concept be viewed?

A: Cost: The amount paid to purchase the asset, install it, and put it into operations, is referred to…

Q: What is accountability

A: The transactions that are happened in the company will be analyzed, and recorded in the first book…

Q: Who in the typical firm or organization is responsiblefor cost management?

A: Cost Management:   Cost management involves the development and use of cost management information…

Q: How is cost accounting information used by management? Why is unit cost information important to…

A: Cost Accounting:-It is a method of calculating and assessing the cost and expenses related to the…

Q: Distinguish between Accounting Information System (AIS) and Management Information System (MIS).

A: Accounting Information System means the system to record financial transactions of any business…

Q: Discuss the role of cost accounting in relation to various department in organisation.

A: Introduction: Cost accounting is a form of managerial accounting that aims to capture a company's…

Q: What are the levels of operations performance?

A: There are three levels of operations performance is as follows: Societal level: Social activity is…

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

A: These are the type of responsibility center i.e. expense center, profit center, investment and…

Q: What are the three key features of cost accounting?

A: Cost accounting: It is a process of recording of all the costs incurred in the business in a way…

Q: Distinguish between responsibility, authority, and accountability.

A: Responsibility: When a sub-ordinate is obligated to perform the duties assigned to him, it becomes…

Q: What are some of the possible costs that could result from a revision of an accounting standard?

A: Financial Accounting Standards Board (FASB):   It is a private, non-profit organization which is a…

Q: Draw the sketch of the management Accounting control system. What type of considerations are…

A: The administrative devices that firms use to control their managers and staff are referred to as…

Q: WHAT ARE SOME EXAMPLES OF POLICY CREDITS AND ADMINISTRATIVE GUIDANCE

A: Policy credits: The credit limit portion specifies the maximum amount of credit that consumers will…

Q: What is an accounting information system (AIS)?

A: Accounting Information System:It is a process which collects data, processes the same into…

Q: What is the primary goal of the cost-of-production report? What is the purpose of these reports in…

A: Cost-of-production report is a statement which shows all the production related costs within a…

Q: Management Accounting System and The Management Information System are the same?

A: Management info systems is additionally referred to as PC info systems, business info systems, or…

Q: Which of the following is the operative function of HRM? O a. Compensation O b. Organizing O C.…

A: HRM means the human resource management. This department deals with the human resources of the…

Q: What are the two phases of responsibility accounting?

A: Responsibility Accounting: The management of responsibility centers by the means of pre-determined…

Q: How do accounting books handle over and under absorption of overheads?

A: Under absorption takes place when the amount is absorbed lower than the actual whereas,…

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: Define agency problems, and describe how they give rise to agency costs.

A: Agency problems occur when the managers use the firm's resources to invest in projects that may not…