Cost center: Cost center incurs costs and does not generate the revenue directly Investment Center: Investment center takes care of revenue, cost and investment Departmental Accounting System: This is an accounting system which records the transactions of a particular department and shows its performance. Operating Department: Operating departments conducts the operations of business like manufacturing, Sales etc. Profit Center: Profit center generate revenue and incur expenses Responsibility Accounting System: This is an accounting system which shows responsibility for managers. Service Department: Service departments are assisting departments for operating department. Service departments are not directly engaged in main operations but they perform assisting works. To Identify: The terms for given descriptions

Question

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Answer 1

Question

Chapter 24, Problem 1QS

To determine

Concept Introduction:

Cost center:

Cost center incurs costs and does not generate the revenue directly

Investment Center:

Investment center takes care of revenue, cost and investment

Departmental Accounting System:

This is an accounting system which records the transactions of a particular department and shows its performance.

Operating Department:

Operating departments conducts the operations of business like manufacturing, Sales etc.

Profit Center:

Profit center generate revenue and incur expenses

Responsibility Accounting System:

This is an accounting system which shows responsibility for managers.

Service Department:

Service departments are assisting departments for operating department. Service departments are not directly engaged in main operations but they perform assisting works.

To Identify:

The terms for given descriptions

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Answer 2

Question

Chapter 24, Problem 1QS

To determine

Concept Introduction:

Cost center:

Cost center incurs costs and does not generate the revenue directly

Investment Center:

Investment center takes care of revenue, cost and investment

Departmental Accounting System:

This is an accounting system which records the transactions of a particular department and shows its performance.

Operating Department:

Operating departments conducts the operations of business like manufacturing, Sales etc.

Profit Center:

Profit center generate revenue and incur expenses

Responsibility Accounting System:

This is an accounting system which shows responsibility for managers.

Service Department:

Service departments are assisting departments for operating department. Service departments are not directly engaged in main operations but they perform assisting works.

To Identify:

The terms for given descriptions

Expert Solution & Answer

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Answer 3

Question

Chapter 24, Problem 1QS

To determine

Concept Introduction:

Cost center:

Cost center incurs costs and does not generate the revenue directly

Investment Center:

Investment center takes care of revenue, cost and investment

Departmental Accounting System:

This is an accounting system which records the transactions of a particular department and shows its performance.

Operating Department:

Operating departments conducts the operations of business like manufacturing, Sales etc.

Profit Center:

Profit center generate revenue and incur expenses

Responsibility Accounting System:

This is an accounting system which shows responsibility for managers.

Service Department:

Service departments are assisting departments for operating department. Service departments are not directly engaged in main operations but they perform assisting works.

To Identify:

The terms for given descriptions

Expert Solution & Answer

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See solution

Answer 4

Question

Chapter 24, Problem 1QS

To determine

Concept Introduction:

Cost center:

Cost center incurs costs and does not generate the revenue directly

Investment Center:

Investment center takes care of revenue, cost and investment

Departmental Accounting System:

This is an accounting system which records the transactions of a particular department and shows its performance.

Operating Department:

Operating departments conducts the operations of business like manufacturing, Sales etc.

Profit Center:

Profit center generate revenue and incur expenses

Responsibility Accounting System:

This is an accounting system which shows responsibility for managers.

Service Department:

Service departments are assisting departments for operating department. Service departments are not directly engaged in main operations but they perform assisting works.

To Identify:

The terms for given descriptions

Expert Solution & Answer

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See solution

Answer 5

Chapter 24, Problem 1QS

To determine

Concept Introduction:

Cost center:

Cost center incurs costs and does not generate the revenue directly

Investment Center:

Investment center takes care of revenue, cost and investment

Departmental Accounting System:

This is an accounting system which records the transactions of a particular department and shows its performance.

Operating Department:

Operating departments conducts the operations of business like manufacturing, Sales etc.

Profit Center:

Profit center generate revenue and incur expenses

Responsibility Accounting System:

This is an accounting system which shows responsibility for managers.

Service Department:

Service departments are assisting departments for operating department. Service departments are not directly engaged in main operations but they perform assisting works.

To Identify:

The terms for given descriptions

Answer 6

Chapter 24, Problem 1QS

To determine

Concept Introduction:

Cost center:

Cost center incurs costs and does not generate the revenue directly

Investment Center:

Investment center takes care of revenue, cost and investment

Departmental Accounting System:

This is an accounting system which records the transactions of a particular department and shows its performance.

Operating Department:

Operating departments conducts the operations of business like manufacturing, Sales etc.

Profit Center:

Profit center generate revenue and incur expenses

Responsibility Accounting System:

This is an accounting system which shows responsibility for managers.

Service Department:

Service departments are assisting departments for operating department. Service departments are not directly engaged in main operations but they perform assisting works.

To Identify:

The terms for given descriptions

Answer 7

Chapter 24, Problem 1QS

To determine

Concept Introduction:

Cost center:

Cost center incurs costs and does not generate the revenue directly

Investment Center:

Investment center takes care of revenue, cost and investment

Departmental Accounting System:

This is an accounting system which records the transactions of a particular department and shows its performance.

Operating Department:

Operating departments conducts the operations of business like manufacturing, Sales etc.

Profit Center:

Profit center generate revenue and incur expenses

Responsibility Accounting System:

This is an accounting system which shows responsibility for managers.

Service Department:

Service departments are assisting departments for operating department. Service departments are not directly engaged in main operations but they perform assisting works.

To Identify:

The terms for given descriptions

Answer 8

Expert Solution & Answer

Answer 9

Expert Solution & Answer

Answer 10

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Answer 11

Ch. 24 - Prob. 1DQ Ch. 24 - Prob. 2DQ Ch. 24 - Prob. 3DQ Ch. 24 - Prob. 4DQ Ch. 24 - Prob. 5DQ Ch. 24 - Prob. 6DQ Ch. 24 - Prob. 7DQ Ch. 24 - Prob. 8DQ Ch. 24 - Prob. 9DQ Ch. 24 - Prob. 10DQ

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