In a cost center, the manager has responsibility and authority for making decisions that affect Show a. costs b. investments in assets c. both costs and revenues d. revenues Keating Co. is considering disposing of equipment with a cost of $68,000 and accumulated depreciation of $47,600. Keating Co. can sell the equipment through a broker for $27,000 less 8% commission. Alternatively, Gunner Co. has offered to lease the equipment for five years for a total of $46,000. Keating will incur repair, insurance, and property tax expenses estimated at $10,000 over the five-year period. At lease-end, the equipment is expected to have no residual value. The net differential income from the lease alternative is a. $11,160 b. $7,812 c. $16,740 d. $13,392 If sales are $828,000, variable costs are 68% of sales, and operating income is $278,000, what is the contribution margin ratio? a. 64% b. 36% c. 68% d. 32%  Q: In a responsibility accounting system, should the recording of revenue and costs begin at the… A: Responsibility center: A department or unit of a corporation where the management assigns the… Q: The type of accounting that is related to cost ascertainment and control is: a. Cost accounting b.… A: Financial accounting helps in preparation and presentation of financial statements Taxation… Q: Explain the relationship between the Cost Management System and the Financial Accounting System A: Comment- Multiple Question Asked. 1) Accounting- Accounting is the process of recording all… Q: Explain the relationship between the Cost Management System and the Financial Accounting System A: Point of Differences Financial Accounting System Cost Management System Meaning… Q: Distinguish between a cost center, a profit center, and an investment center. A: Responsibility center: It refers to that unit of the organization for which a separate executive is… Q: Distinguish between a cost center, a profit center, and an investment center A: Definition: Responsibility center: A department or unit of a corporation where the management… Q: Examine the following options which explain the objective of financial statements? a. They assist… A: Financial statements are the reports or statements that are being prepared by an entity at the end… Q: Managers in which of the following responsibility centers are held responsible forprofits? (You may… A: C. Profit centers is the answer Q: Define and give examples of the following terms: cost center, revenue center, profit center, and… A: Responsibility center: It refers to that unit of the organization for which a separate executive is… Q: Define product and period costs and explain how they impact financial statements A: Product cost is the cost incurred in the production of goods or providing service. It would directly… Q: Define product and period costs and explain how they impact financial statements A: PRODUCT COST AND PERIOD COST DEFINE AS FOLLOW AND ITS IMPACT ON FINANCIAL STATEMENTS ARE AS… Q: It is the collection of cost data in some way through an accounting system O A. Cost allocation B.… A: Cost accumulation includes the usage of a formal cost accounting structure or system to gather and… Q: What is the typical focus of responsibility reports for cost centers, revenue centers, and profit… A: Responsibility Centre: A responsibility centre is used to show the financial performance of all… Q: What is the typical focus of responsibility reports for cost centers, revenue centers, and profit… A: Definition: Responsibility Centre: A responsibility center is used to show the financial… Q: The branch of accounting that deals with evaluating the cost of products is called: O a. Financial… A: The branch of accounting that deals with the cost of products is used to ascertain and allocate the… Q: Classify the following activities as part of the identifying (I), recording (R), or communicating… A: Accounting: Accounting is a system, or a process of collecting and organizing economic… Q: Cost centres is a. Amounts of expenditure attributable to various activities b. Units of product or… A: cost centre is a department within a business to which costs can be allocated..... Cost centre is… Q: PLEASE ANSWER ALL 1. Management Accounting a. Is concerned with costing products. b. Is governed by… A: "Since you have asked multiple questions, we will solve first question for you. If you want any… Q: Which of the following is NOT correct about cost center and cost unit? Select one: a. A cost center… A: Cost accounting is referred to as a branch of accounting that is related to the calculation of total… Q: Which of the following is not a function of Cost Accounting? a. Control cost b. Reporting to owners… A: Solution: "Reporting to owners" is not a function of Cost Accounting. This is because the functions… Q: Distinguish between a profit center and an investment center. Draw a diagram illustrating the… A: Click to see the answer Q: Activity center is a unit in an organization for which management wants the costs of a set of… A: Meaning of Activity Center: A segment of the production or service process for which management… Q: Cost and management accounting A. require and entirely separate group of accounts than financial… A: The prime aim of cost accounting is to assist or aid the management in a cost control structure and… Q: objectives of the accumulation and reporting of cost accounting information A: Cost accounting information is the information regarding costs regarding activities, processes, or… Q: O Prepare statement of cost production O Prepare statement of comprehensive Prepare statement of… A: Statement of cost of production for the year ended 31st December 2020 Particulars Amount Raw… Q: Classify the following activities as per value chain analysis: 1.Communication, pricing and channel… A: Value chain analysis are classified in two types of activities namely primary and secondary… Q: What is cost management, and how does it differ from management accounting and cost accounting? A: Cost accounting and management accounting are two different forms of accounting, that is being… Q: Which of the following is one of the difference between management accounting and cost accounting. A: Difference between management accounting and cost accounting is given below, Q: Which of the following statements is not an Objective of the cost management system Select one: a.… A: Cost accounting is the branch of accounting that inspects the cost structure of a business. This… Q: Which statement below best describes a profit center?a. The authority to make decisions affecting… A: Answer c. The authority to make decisions over the most significant costs of operations, including… Q: Which responsibility center's manager would be most concerned about the segment's return on… A: Profit center: A profit center is a segment in an organization that is responsible for the revenue… Q: Which responsibility center's manager would be most concerned about the segment's return on… A: the responsible center is the organizational unit that is being headed by the manager. generally, a… Q: Which responsibility center's manager would be most concerned about the segment's return on… A: Revenue Center:- It is a center that is mainly responsible for generating revenue from sales. The… Q: Which of the following is a product cost? A) Sales commissions B) CEO's salary C) Delivery van… A: Product costs are related to manufacturing and are part of cost of inventory. Q: Distinguish between direct and indirect expenses and identify bases for allocating indirect expenses… A: Click to see the answer Q: Explain why support costs are allocated to departments. A: Support Cost:-These are those costs that are not directly attributable to the manufacturing of the… Q: What is the most significant function of a cost of production report, and why is it important? What… A: The significance and use of a cost of production report: Q: The definition of the cost is the collection of cost data in some organized way by means of an… A: Cost is amount of cost incurred Q: give an example of profit measurement in managerial accounting that fulfill a situation A: Objective Managerial accounting Maximization of profit and minimization of losses are the main… Q: Discuss the Cost- Volume- Profit assumptions and its importance to the business organization in… A: Cost Volume Analysis is a process of study of the relation between the costs of the product, volume,… Q: w important cost center in managerial accounting es A: Cost centre is very important in the managerial accounting and responsible for tracking expenses and… Is a responsibility center in which a manager is responsible only for costs?A cost center is an organizational segment in which a manager is held responsible only for costs.
For what decisions is the manager of a cost center not responsible?The manager of a cost center is only responsible for keeping costs in line with budget and does not bear any responsibility regarding revenue or investment decisions. Expense segmentation into cost centers allows for greater control and analysis of total costs.
In which of the following is a manager responsible for costs revenues and assets?Answer: An investment centerA segment of an organization responsible for costs, revenues, and investments in assets. is an organizational segment that is responsible for costs, revenues, and investments in assets. Investment center managers have control over asset investment decisions.
Is a cost center a responsibility center?A cost center is a responsibility center that incurs costs (or expenses) but does not directly generate revenue. A profit center is a business center that generates both revenue and costs. Some profit centers are also considered investment centers.
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In a cost center, the manager has responsibility and authority for making decisions that affect
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