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

Q: Introduction to business

A: Answer -    Correct Option is Option D - Planning & Controlling.

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: describe the connection between the management process planning, feedback, controlling

A:

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: In responsibility accounting, why are reports to higherlevel managers usually summarized?

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

Q: Explain the relationship between the Cost Management System and the Financial Accounting System

A: Point of Differences Financial Accounting System Cost Management System Meaning…

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: What is the beginning & end function of management process? a. Directing & Controlling b.…

A: Functions of management process - Planning  organizing  leading controlling

Q: What other factors should a management accountant take into consideration when setting direct…

A: Factors that should be considered   Standards must be set both in Physical and Monetary Terms…

Q: Describe management's discussion and analysis.

A: Management's discussion and analysis: Management discussion and analysis is the portion of company…

Q: What is a responsibility center?

A: Responsibility center: Responsibility centers are the segment of an organization which is authorized…

Q: What is the purpose of the Management’s Discussion and Analysis?

A: Management Accounting:   It refers to using the financial information of the organization for…

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: Which function of Management is concerned with an effective procurement of human resources and…

A: Answer: option (a) Staffing is one of the significant functions of management.it is a continuous…

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

A:

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

A: A cost is assigned to a product made using product costing methodologies. Each of these strategies…

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: The objective of Responsibility Accounting is to evaluate performance and provide a feedback so that…

A: Responsibility accounting falls within the realm of management accounting wherein the accounting…

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: What is management’s primary objective?

A: The primary objective of the management is Shareholders wealth maximization which is a long-term…

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 most significant function of a cost of production report, and why is it important? What…

A: The significance and use of a cost of production report:

Q: describe the connection between the management process planning, feedback, controlling? take an…

A:

Q: Can you tell us what accounting will be used to evaluate each of the responsibility centers?

A: There are three responsibility centres in accounting  Revenue centre-The revenue centre have…

Q: What is task data dependency? (this is related to Accounting Information Systems

A: Accounting Information system is a set of components used for gathering, making, storing, preparing,…

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: 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: Why is goal congruence important to an organization’s success? How does a responsibility-accounting…

A:

Q: What is a managerial accounting

A: Managerial accounting is like a tool to help management in effective planning and control over the…

Q: What is the purpose of a responsibility accounting system?

A: Responsibility accounting system: the responsibility accounting system is an internal system that…

Q: Cost accountancy

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

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: What is cost management, and how does it differ from management accounting and cost accounting?

A: Cost accounting and management accounting are two different forms of accounting, that is being…

Q: Human Resources Accounting is a tool of management accounting

A: Human Resources Accounting is the accounting of costs incurred relating to recruitment, retention…

Q: How Absorption and Variable Costing, Budgeting and Responsibility Accounting are connected?

A: Answer: Absorption and Variable Costing, Budgeting and Responsibility Accounting  There is…

Q: Evaluate this using the principles of management and cost accounting.

A: Principles of Management and Cost Accounting The basic principles which are evolved in the…