A responsibility accounting system utilizes and assigns costs on the basis of their a. controllability b. variability c. timing of recognition d. traceability
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A responsibility accounting system utilizes and assigns costs on the basis of their
a. controllability
b. variability
c. timing of recognition
d. traceability
Step by step
Solved in 4 steps
- The ability to assign a cost directly to a cost object by means of a causal relationship is a. allocation b. traceability c. separability d. value chain processA direct cost is a cost that is classified by Traceability Behaviour Controllability RelevanceWhat is the key feature of activity-based responsibility accounting? Briefly explain.
- What is the typical focus of responsibility reports for cost centers, revenue centers, and profit centers?How are the value chain and management accounting related? Distinguish between a cost center, a profit center, and an investment center using appropriate examples.In responsibility accounting the most relevant classification of costs is discretionary and committed fixed and variable incremental and non-incremental controllable and noncontrollable
- What is the relationship between the value chain and management accounting? With the use of suitable examples, distinguish among a cost centre, profit centre and an investment centre.Marketing costs and Maintenance costs are the examples of Select one: a. Revenue center O b. Cost center c. Investment center O d. Discretionary cost centerb. Classification of costs may be based on the information needs of management and their nature. Briefly explain the classification required for various purposes with appropriate examples.
- The following statements are correct objective of cost accounting except: Ascertainment of cost Planning and controlling cost Decision making ObservationsWhich function is not contained in the management accounting department? a. Cost accountingb. Financial accountingc. Budgetingd. system studye, answer not given
