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. Responsibili

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. Responsibili

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Managerial decision making in accounting requires careful analysis of quantitative data on areas such as relevant and irrelevant costs. However, qualitative factors also play a role in making such decisions. For this forum, identify some qualitative factors that should be considered when making managerial decisions. Explain why and how these qualitative factors impact the managerial decision making process.
. It is an important use of managerial accounting a. determine direct cost by adding direct materials b. understand customer orientation c. recast budgeted statements according to a situation d. change variables of risk internally and externally
Write a report about the relevance of managerial accounting in practical use.
TRUE OR FALSE Activity center is a unit in an organization for which management wants the costs of a set of activities be reported separately.
Which of the following is not a characteristic of an effective responsibility accounting system? a) Reports that set goals for long-term strategic performance b) Reports that show revenue and/or expense items under a manager's control c) Reports that show budgeted and actual amounts of controllable revenue and expense items d) Reports that highlight areas that need corrective action