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Chapter 24: Q6RQ (page 1355)

Question: What is the purpose of a responsibility accounting system?

Short Answer

Expert verified

Answer

The major purpose of a responsibility accounting system is to fix the cost control.

Step by step solution

01

Meaning of Responsibility Accounting

The responsibility accounting system is used in the managerial accounting branch in which each unit or manager is held responsible and accountable for their assigned and performed tasks.

02

Purpose of responsibility accounting system

Business entities exercise the responsibility accounting system to delegate the responsibilities associated with the revenues and costs. The major purpose of a responsibility accounting system is to apply cost control techniques for generating more revenues.

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Most popular questions from this chapter

Refer to the information in Short Exercise S24-7. Compute each division鈥檚 RI. Interpret your results. Are your results consistent with each division鈥檚 ROI?

What is a performance evaluation system?

Refer to the information in Short Exercise S24-7.

Requirements

1. Compute each division鈥檚 asset turnover ratio (round to two decimal places). Interpret your results.

2. Use your answers to Requirement 1, along with the profit margin ratio, to recalculate ROI using the expanded formula. Do your answers agree with the basic ROI in Short Exercise S24-7?

Refer to the data in Exercise E24-17. Calculate each division鈥檚 RI. Interpret your results.

What is goal congruence?
See all solutions

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