Q1065805

TRUE OR FALSE

How does the concept of responsibility accounting contribute to organizational accountability? If you have experiences from previous jobs, you can share those. Otherwise, find examples from companies through internet research, or share your insight on why you think this may matter. Responsibility accounting involves assigning specific financial responsibilities to managers or departments. This system tracks and evaluates performance based on how well these individuals or units adhere to their budgets and financial goals. It ensures that each manager or department is accountable for the financial results of their decisions and operations. By assigning specific financial responsibilities to individuals or departments, responsibility accounting makes it clear who is accountable for what. This clarity helps managers focus on their areas of responsibility and understand the direct impact of their decisions. This system allows for more precise performance evaluation. Managers are assessed…

Give true solution for general accounting question

Question 1.1 Example Ltd is a manufacturer. Which of the following is an example of the control function in management accounting? Setting production targets for new product models. Awarding bonuses to top performing managers. Developing corrective actions in response to lower than expected production levels. Pursuing legal actions against patent infringement.

Which of the following statements about responsibility accounting are correct?   Select one: a. Responsibility accounting systems differ widely across organizations. b. The structure for accumulating cost information generally mirrors the structure for accumulating responsibility center information. c. Responsibility accounting is the primary responsibility of accounting staff.

TRUE OR FALSE Please answer all.

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.

The cost management information system provides information *       A. that the accountant needs to prepare the financial statements.       B. that the manager needs to effectively manage the firm.       C. that the manager needs to effectively manage not-for-profit organization.       D. b and c.

15

Discussion Forum Question: As a decision- maker, what are the major differences between managerial accounting and financial accounting and how would you apply the information from each?

h

Requirements Each of the statements below describes a responsibility of management. Match each statement to the management responsibility being fulfilled (a. Plan or d. Controlling). 1. 2₁ 3. Are the statements below more descriptive of managerial accounting or financial accounting information? Each of the statements below paraphrases an ethical responsibility. Match each statement to the standard of ethical professional practice being fulfilled c. Integrity, or d. Credibility). Each standard may be used more than once or not at all. Requirement 1. Each of the statements below describes a responsibility of management. Match each statement to the management responsibility being fulfilled c. Directing, or d. Controlling). Statement 1. Identifying alternative courses of action and choosing among them 2. Running the company on a day-to-day basis 3. Determining whether the company's units are operating according to plan Setting goals and objectives for the company and determining strategies…