A responsibility center in which the department manager has responsibility for and authority over costs and revenues is called a(n) _____ center. a.investment b.cost c.profit d.volume

Q: A very key concept in managerial accounting is how costs "behave", either fixed or variable. Once we…

A: Fixed Cost: These are costs that will remain the same irrespective of production or number of units…

Q: a manager wants to assess the costs incurred in a department in the production department. then the…

A: all the product costs will be incurred in the production department.  - product costs like  Direct…

Q: Which of the following is the most difficult but most accurate of the commonly used methods for…

A: The cost of support departments is allocated to the production departments. Some a support…

Q: A budget: A.is used to determine if a product should be continued or discontinued B.complies…

A: The budget is prepared by the business organizations so as to know the expected revenue and expenses…

Q: which type of costing system do we typically use for managerial accounting purposes. normal budget…

A: The method of creating, executing, and budgetary control is known as budgeting. Budget preparation…

Q: Why do managers use a standard cost system to control business activities? a) Setting standards…

A: Standards represent the budgeted performance that the company expects to achieve in future. The…

Q: What is the impact of responsibility reporting and budgeting on an organization?

A: A manager's performance is evaluated based on matters that are directly under the control of that…

Q: Which of the following is not a management report? A.Sales by product actual versus budget B.…

A: Financial statement means the statement including income statement , balance sheet , cash flow…

Q: Financial and cost accounting are both highly concerned with a. Preparing budgets b. Determining…

A: Financial accounting records the monetary transactions, summarizes them, and reports them to analyze…

Q: When an organization allocated indirect costs to departments by relative size of the budgets, it is…

A: The question is True or False.

Q: Match the term with the co decentralized cost center

A: (1) Decentralized = This type of company typically promotes from within Reason: This type of company…

Q: Which of the following is a measure of a cost center manager's performance? Oa. return on investment…

A: Cost center managers are in charge of costs but not revenues or investments. Their duty is to lower…

Q: Which of the following is a measure of a manager’s performance working in a profit center?   a. the…

A: A profit center is a business unit or division within a company that is responsible for generating…

Q: function is not contained in the management accounting department? a. Cost accounting b. Financial…

A: In organization it is important because they are the department which are concern with qualitative…

Q: ​_______ can be defined as compelling events to go according to plan.   A. Budgeting   B. Management…

A: Compelling events are events that forces to take some decision.

Q: Why are companies divided into departments for the purpose of management control?  What are some of…

A: A business is normally organized by its functions, e.g. marketing department, accounts department,…

Q: Which of the following is a basic element of effective budgetary control?a. cost behavior patternsb.…

A: Budgeting is a process that involves estimation of total costs and revenues of a firm over a…

Q: Determining the basis used to allocate support department costs follows which guideline? O Profit…

A: A department cost refers to the total expenditures or expenses associated with a specific functional…

Q: The two dimensions of managerial accounting are:

A: Management accounting provides such financial information and resources for management and investors…