discuss 10 point regarding “the concept of responsibility accounting”?

discuss 10 point regarding “the concept of responsibility accounting”?

Expert Solution

Responsibility accounting is a kind of management accounting that is accountable for all the management budgeting, and internal accounting of a company.

the primary objective of this accounting is to support all the planning, costing and responsibility centres of a company.

It urges the management to acknowledge the company structure and checks who is accountable for what and fix the problems.

it enhances the attention and awareness of the managers as they have to explain the variations for which they are responsible.

It helps to compare the achievements between the preplanned goals and actual results.

It guides the management to plan and structure the future expenditure and revenue of the company.

Being a cost control tool it creates cost conciousness amoung workers.

It improves and controls the companies operating activities for an efficient and effective outcome.

Simplifies the reporting structure and guides to prompt reporting.

ekkarill92 answered 2 years ago

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