Matching
Match the items below.
Premises:
The review of budget reports by top management directed entirely or primarily to differences between actual results and planned objectives.
A part of management accounting that involves accumulating and reporting revenues and costs on the basis of the individual manager who has the authority to make the day-to-day decisions about the items.
The preparation of reports for each level of responsibility shown in the company’s organization chart.
A projection of budget data at one level of activity.
Costs that a manager has the authority to incur within a given period of time.
The use of budgets to control operations.
A projection of budget data for various levels of activity.
A responsibility center that incurs costs, generates revenues, and has control over the investment funds available for use.
Costs that relate specifically to a responsibility center and are incurred for the sole benefit of the center.
A responsibility center that incurs costs and also generates revenues.
Costs which are incurred for the benefit of more than one profit center.
A measure of the profitability of an investment center computed by dividing controllable margin (in dollars) by average operating assets.
Responses:
Budgetary control
Static budget
Flexible budget
Responsibility accounting
Controllable costs
Management by exception
Responsibility reporting system
Return on Investment
Profit center
Investment center
Indirect fixed costs
Direct fixed costs
Correct Answer:
Premises:
Responses:
The review of budget reports by top management directed entirely or primarily to differences between actual results and planned objectives.
A part of management accounting that involves accumulating and reporting revenues and costs on the basis of the individual manager who has the authority to make the day-to-day decisions about the items.
The preparation of reports for each level of responsibility shown in the company’s organization chart.
A projection of budget data at one level of activity.
Costs that a manager has the authority to incur within a given period of time.
The use of budgets to control operations.
A projection of budget data for various levels of activity.
A responsibility center that incurs costs, generates revenues, and has control over the investment funds available for use.
Costs that relate specifically to a responsibility center and are incurred for the sole benefit of the center.
A responsibility center that incurs costs and also generates revenues.
Costs which are incurred for the benefit of more than one profit center.
A measure of the profitability of an investment center computed by dividing controllable margin (in dollars) by average operating assets.
Premises:
The review of budget reports by top management directed entirely or primarily to differences between actual results and planned objectives.
A part of management accounting that involves accumulating and reporting revenues and costs on the basis of the individual manager who has the authority to make the day-to-day decisions about the items.
The preparation of reports for each level of responsibility shown in the company’s organization chart.
A projection of budget data at one level of activity.
Costs that a manager has the authority to incur within a given period of time.
The use of budgets to control operations.
A projection of budget data for various levels of activity.
A responsibility center that incurs costs, generates revenues, and has control over the investment funds available for use.
Costs that relate specifically to a responsibility center and are incurred for the sole benefit of the center.
A responsibility center that incurs costs and also generates revenues.
Costs which are incurred for the benefit of more than one profit center.
A measure of the profitability of an investment center computed by dividing controllable margin (in dollars) by average operating assets.
Responses:
Related Questions
Q200: The data for an investment center is
Q203: The master budget and flexible budgets are
Q204: What is responsibility accounting? Explain the purpose
Q205: Responsibility centers may be classified into three
Q208: Match the items below by entering the
Q208: The primary basis for evaluating the performance
Q209: Managers are motivated to accomplish objectives if
Q210: Dixon Corporation evaluates its managers based on
Q211: Return on investment is calculated by dividing
Q212: Brad Ventura is confused about how a
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents