7. Responsibility Accounting: a. What is a cost center? Give an example of a cost center b. What is a Profit center? Give an example of a profit center c. What is an investment center? Give an example of an investment center

Q: Contribution margin ratio definition and how is useful in planning business operations?

A: Solution:- Contribution margin ratio definition as follows:-

Q: How would you define profit planning? What is the importance of profit planning?

A: a) Profit planning is a progression of steps being taken to arrive at an ideal level of profit. Such…

Q: What would be the outputs for the given assumptions:   Total revenue: Total costs: Total profit:

A: Break Even Point is that point at which there is no profit & loss would arise. At break even…

Q: how Cost Managemnt decision-making plays a role in the decision-making and success of the company?

A: Cost management decision-making is a critical aspect of any business. It involves the process of…

Q: What is the meaning of contribution margin ratio? How is this ratio useful in planning…

A:

Q: Compare and contrast the historical cost accounting model with the fair value accounting model. What…

A: The cost accounting model is a method of accounting that focuses on the measurement, analysis, and…

Q: Explain the concept of a contribution margin and describe how it differs from gross margin. Also,…

A: Contribution Margin represents the incremental money generated for each product/unit sold after…

Q: What is operating profit margin?

A: The operating profit is the profit earned during the year after deducting all the operating expenses…

Q: w product cost information is use

A: Product Cost: Product costs are costs that are incurred to make a product that's intended available…

Q: Name the units of service on which cost-based payers may pay providers

A: Payers- is a company that  pays for or reimburses for medical services availed. For example, the…

Q: Define the term Profit margins?

A: Financial Ratios: Financial ratios are the metrics used to evaluate the liquidity, capabilities,…

Q: ivity analysis, and how is it used with cost driver analysis to manage costs and increase profits?…

A: An organization might use activity analysis as a management tool to recognize and comprehend the…

Q: Which format of the Income Statement is appropriate for financial reporting? O Variable costing O…

A: The appropriate format for the Income Statement for financial reporting is typically the Absorption…

Q: in management accounting strandard cost ： definition . types of strands and cost . benefit .…

A: Management Accounting: In Management  account or managerial account, directors use information in…

Q: 2. What is cost-volume-profit analysis and what are the important assumptions of this analysis?

A: Profit analysis entails dissecting a company's reported profit figure to determine the true extent…

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…