Responsibility accounting refers to the various concepts and tools used by managers to measure the performance of people and departments in order to foster goal congruence.
True or False
Answers
True. Responsibility accounting refers to the various concepts and tools used by managers to measure the performance of people and departments. The primary aim is to foster goal congruence within an organization.
Responsibility accounting is a management accounting concept that involves measuring the performance of individuals and departments in achieving specific goals and objectives.
This involves the identification of responsibilities for each person or department, determining the goals and objectives, and establishing metrics to measure progress towards those goals. Responsibility accounting allows managers to assign specific tasks and responsibilities to individuals and hold them accountable for their performance. By assigning responsibility for specific tasks or goals to individuals or departments, managers can better track progress and ensure that organizational objectives are met. This system promotes accountability and encourages employees to work towards common objectives.This concept also involves content loaded reporting, which means that managers must provide detailed and accurate information about the performance of individuals and departments. This information is used to make decisions about resource allocation and to identify areas where improvements are needed. Overall, responsibility accounting is an important tool for managers to promote goal congruence and ensure that everyone is working towards the same objectives.Know more about the Responsibility accounting
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Related Questions
How do you know if a product is elastic or inelastic?
Answers
The quantity demanded for a product is said to be elastic if price changes cause a larger than proportional shift in quantity demand.
In contrast, a product is said to be inelastic if changes in price have minimal effect on changes in quantity demanded. One product that is extremely inelastic is insulin. Demand for insulin from diabetics is so high that price increases barely have any impact on the amount needed. Price reductions also have no impact on amount needed, as the majority of people who require insulin are already buying it regardless of the price, rather than waiting for it to drop. Products that are very elastic are on the other side of the equation. For instance, spa days are quite elastic because they aren't an essential good.
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A significant summer drought takes place in several states, including lowa, Nebraska, Illinois, Minnesota, Indiana, and others. Because
of the drought, the corn crop is severely damaged and limited for market. How will the drought and damage to the corn market likely
affect the overall price of goods?
A)
The drought and damage to the corn market will likely have little effect on
the overall price of goods, since corn production is extremely small in the
United States.
B)
The drought and damage to the corn market will likely have little effect on
the overall price of goods, as most Americans have excluded starches, Like
corn, from their diets.
The drought and damage to the corn market will likely have a great effect
on the overall price of goods, as corn-producers are required members of
the Federal Reserve Board of Governors.
D)
The drought and damage to the corn market will likely have a great effect
on the overall price of goods, as corn is used as a component for many
goods produced and sold in the United States
Answers
Answer: D
Explanation:
Which of the following is the net requirement using an MRP program if the gross requirement is 1,250 and the inventory on hand is 50?
a. 1,200
b. None of these
c. 1,150
d. 2,450
e. 1,300
Answers
Your answer: a. 1,200
In the context of an MRP program, the net requirement is calculated by subtracting the inventory on hand from the gross requirement. In this case, the gross requirement is 1,250 and the inventory on hand is 50. Therefore, the net requirement is 1,250 - 50 = 1,200.
The net requirement is the amount of inventory that needs to be ordered to fulfill the gross requirement while taking into account the inventory on hand. In this case, the gross requirement is 1,250 and the inventory on hand is 50. Therefore, the net requirement can be calculated by subtracting the inventory on hand from the gross requirement:
Net requirement = Gross requirement - Inventory on hand
Net requirement = 1,250 - 50
Net requirement = 1,200
Therefore, the answer is (a) 1,200.
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When a financial institution is responding to a formal criminal investigation by a law enforcement agency, what is the primary purpose of requiring information going through a central point within the institution
Answers
The primary purpose of requiring information to go through a central point within a financial institution when responding to a formal criminal investigation by a law enforcement agency is to ensure proper coordination and control of the information flow.
Here is a step-by-step explanation of why a central point is necessary:
1. Centralized Management:
Requiring information to go through a central point allows for centralized management of the investigation process. This ensures that all relevant information is gathered, organized, and accessible in a systematic manner.
2. Streamlined Communication:
By centralizing information, the financial institution can establish clear communication channels between various departments and individuals involved in the investigation. This helps to ensure that all relevant parties are informed and can collaborate effectively.
3. Consistency and Accuracy:
Having a central point for information flow helps to maintain consistency and accuracy in the information provided to the law enforcement agency. The central point can verify the accuracy of the information before it is shared, reducing the risk of errors or discrepancies.
4. Compliance with Legal Obligations:
Financial institutions have legal obligations to cooperate with law enforcement agencies during criminal investigations. Requiring information to flow through a central point helps the institution ensure compliance with these obligations by properly managing and documenting the information provided.
5. Confidentiality and Security:
A central point can also play a crucial role in maintaining confidentiality and security during a criminal investigation. It allows the institution to implement appropriate measures to protect sensitive information and restrict access to authorized personnel only.
Overall, requiring information to go through a central point within a financial institution when responding to a formal criminal investigation helps ensure proper coordination, control, and management of the information flow. It enhances communication, consistency, compliance, and confidentiality throughout the investigation process.
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40% of sales at supermarkets in the carry the stores' own brand names. 20% of all supermarket sales in carry the stores' own brand names. And in the United States, 14% carry the stores' own brand names. These stores use a __________ strategy to sell other manufacturers' products with their own brand names. generic branding multibranding co-branding private branding multiproduct branding
Answers
Answer:
Private branding
Explanation:
Private branding is defined as the strategy used by mostly retail stores where they put their own brand on products that they sell. It is used on wide variety of products sold by retailers from cosmetics to food.
They are also called store brands or own brands.
In the given scenario the stores are selling other manufacturers' products with their own brand names. This is private branding
What do fulfillment centers do
Answers
Answer:
Fulfillment centers handle the logistics required to get an order to a customer's doorstep, eliminating the need for you to package, address, and ship each order yourself.
Explanation:
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The repair service that fixes your farming equipment doesn’t seem to fix your plow correctly. The technician says that if you are not happy, you can buy a new plow from him, but the cost is extremely high. Do you have other options available to you for higher-quality repairs or cheaper equipment? Explain your answer.
Answers
Answer:
Your best option would be for higher quality repairs and higher quality equipment, this would save you more money and time in the long run where you have the ability to do other things.
Explanation:
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Answer:
No, because in command economies, there is no competition. So, there are no other repair services that would offer higher-quality repairs or cheaper equipment. Additionally, no incentive exists for the technician to provide high-quality service.
Explanation:
the actual answer
There are numerous ways that money and obligations flow between the federal and state governments. Define and explain the differences between categorical grants, block grants, and unfunded mandates. What would make a state or local prefer the use of one kind of grant over another?
Answers
The choice of grant type depends on the specific needs, priorities, and level of autonomy desired by states or local governments, as well as the funding available.
Categorical grants, block grants, and unfunded mandates are mechanisms through which money and obligations flow between the federal and state governments. They differ in their purpose, flexibility, and level of funding.
Categorical grants are grants provided by the federal government to states or local governments for specific purposes, which must be used according to federal guidelines and restrictions.
Unfunded mandates are requirements imposed by the federal government on states or local governments without providing the necessary funds to implement the mandated programs or services.
States or local governments may prefer one kind of grant over another based on several factors. A state or local government may prefer categorical grants when they align with their specific needs or policy priorities.
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Limited partnership programs are categorized as direct participation programs. The term direct participation refers to A) the ability of any partner, limited or general, to participate in the running of the partnership. B) the ability, through the partnership democracy, for each partner to have her vote flow through to the general partner. C) the general partners directly participating in the day-to-day management of the partnership. D) the flow-through of profits and losses of the partnership to the individual limited partners.
Answers
Answer:
D) the flow-through of profits and losses of the partnership to the individual limited partners.
Explanation:
A limited liability company can be defined as a private company in which the owners are legally responsible for the company's debts but only to the amount of capital he or she has invested. The LLC can be referred to as a hybrid business entity that combines the limited liability-shield of a corporation with the pass-through taxation of a sole-proprietorship or partnership business.
In the United States of America, the owner of a LLC is not legally liable for the company's liability or debts.
Limited partnership programs are categorized as direct participation programs. The term direct participation refers to the flow-through of profits and losses of the partnership to the individual limited partners. Also, it prevents double taxation because only the owners or investors are taxed on revenues but not the entity.
A bottle of Gatorade costs $1, and a
box of cookies cost $2. If you have a
budget to spend on these items of $12,
what is the optimal amount of each
product to buy to maximize your utility?
Answers
Note that to maximize utility with a budget of $12, buy 6 bottles of Gatorade and 3 boxes of cookies, spending a total of $12 and achieving the optimal balance of the two products to maximize utility.
What is Utility?Note that Utility refers to the satisfaction or usefulness that a consumer derives from consuming a good or service.
To maximize utility, the consumer should allocate their budget in such a way that the marginal utility per dollar spent on both products is equal.
If a bottle of Gatorade costs $1 and a box of cookies cost $2, the consumer should buy more bottles of Gatorade as it has a higher marginal utility per dollar spent compared to cookies.
The optimal allocation of budget would be to buy 8 bottles of Gatorade and 2 boxes of cookies, which would add up to a total cost of $12 and maximize the consumer's utility. This is based on the assumption that the consumer's utility function follows the principle of diminishing marginal utility.
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among the property-casualty insurance company's liabilities, the expected administrative and related costs associated with sending an adjuster to settle a claim is called the
Answers
Among the property-casualty insurance company's liabilities, the expected administrative and related costs associated with sending an adjuster to settle a claim is called the Adjustment expenses.
This expense should be recorded on the insurer's financial statements as a liability because the expected administrative and related costs associated with sending an adjuster to settle a claim are considered a necessary expense of the insurance business.
Adjustment expenses are considered a current liability and are recognized in the same year in which they are incurred by the insurer.
A property-casualty insurance company's liabilities include the costs associated with sending an adjuster to settle a claim, which is an expected administrative and related expense.
The adjustment expenses are a necessary expense of the insurance business and should be recorded on the insurer's financial statements as a liability.
However, the amount of the adjustment expenses recognized on an insurer's financial statements is only an estimate because the costs of settling claims can fluctuate, and there are uncertainties associated with the claims settlement process.
Insurance companies typically maintain a claims reserve, which is an amount set aside to pay for expected future claims settlement costs.
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What types of accounts are ""matched"" when the matching concept is used in a discussion of accrual accounting?.
Answers
In the context of accrual accounting, the matching concept refers to the process of matching revenues with the associated expenses incurred in generating those revenues.
One type of account that is matched is revenue accounts with corresponding expense accounts. For example, if a company sells products, the revenue from those sales will be recognized in a revenue account, while the cost of goods sold (COGS) will be recognized in an expense account. The revenue and COGS accounts will be matched to ensure that the expenses related to generating that revenue are recognized in the same period.
In conclusion, when the matching concept is used in accrual accounting, revenue accounts are matched with corresponding expense accounts, prepaid expenses are matched with the period in which the expense is actually incurred, and accrued expenses are matched with the corresponding revenue in the same period.
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13. The directors of a firm have to discuss the following topics. Which topic is least likely to be directly affected by
the government's influence on the firm?
A) health and safety laws
B) the interest it pays on borrowed money
C) the minimum wage it must pay its workers
D) the replacement of the director of finance
Answers
Answer:
D) the replacement of the director of finance
Explanation:
The replacement of the director of finance is an internal affair on the company. It is not subject to any government regulations, unlike the other options. In choosing the director of finance, the company directors will select the best candidate for the job according to their judgment. In deciding who will the next director of finance, the directors don't need to consult any other person or regulations.
A) Health and safety laws, interest on loans, and the minimum wages are subject to regulation by government agencies such as OSHA for health and safety and the Federal Reserve for interest rates.
Let's say that the economy consists of 100 people. Each person is to divide 1 unit of time between work and leisure given the wage rate w (paid on the labor market). Each person also receives dividends of T. The final total profit of this firm is n. The person's utility function depends on consumption c and leisure I and it is assumed to satisfy u(c, l) = 0 ln(c) + (1 - 0) ln(l), where 0 € (0, 1). On the flip side of the market, there are firms who hire workers and produce output. The representative firm operates with a Cobb-Douglas production technology Y = 2K ¹N ², Z = total factory productivity K = fixed amount of capital. Each of these firm's employees receive a wage of w (total labor cost of the firm is equal to wN). The profit is then given back equally to the shareholder as dividend income. G=0 0=3,2=1, K = 1600. Let's say initially 1. Write the equation that will show relation between each person's dividend income and firms total profit П. 2. Write the consumers budge constraint and maximization problem. Plot these 3. Write down the maximization problem of the firm. 4. Write down the government budget constraint. 5. Find the equilibrium price w, allocations c, N
Answers
The equation T = П / 100 relates each person's dividend income (T) to the firm's total profit (П), distributing profit equally among the 100 individuals.
The consumer's budget constraint, c + w - T = 1, constrains consumption (c), wage income (w), and dividend income (T), while the maximization problem aims to optimize utility subject to the budget constraint. Firm maximization problem and equilibrium price w are not provided.
The equation T = П / 100 represents the relationship between each person's dividend income (T) and the firm's total profit (П). Since there are 100 people in the economy, the total profit is divided equally among them, resulting in each person's dividend income being equal to the total profit divided by 100.
The consumer's budget constraint, c + w - T = 1, defines the limitations on the individual's consumption (c), wage income (w), and dividend income (T). It states that the sum of consumption, wage income, and dividend income should equal 1 unit of time available to each individual, indicating that all income must be allocated between consumption, leisure, and other expenses.
The consumer's maximization problem involves maximizing the utility function u(c, l) = 0 ln(c) + (1 - 0) ln(l), where c represents consumption and l represents leisure. The objective is to find the combination of consumption and leisure that maximizes the individual's utility, subject to the budget constraint. By solving this problem, the optimal levels of consumption and leisure can be determined.
The information provided does not include the maximization problem of the firm, which would involve determining the optimal combination of inputs (capital and labor) to maximize output or profit based on the Cobb-Douglas production technology given.
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A job application is a form used to make a job request. (3 points)
True
False
Answers
Answer:
I would say it is True.
Explanation:
A job application form states your personal information
working in office or in a bank is an example of❔
Answers
Answer:
White collar jobs
Explanation:
This work is situated in an office
list possible reasons why many new entrepreneurs decide on the unethical choice.
Answers
Answer:
As a business owner and leader, you’re going to have to make a lot of important decisions for your company. On everything from marketing to sales, operations to human resources, your team will look to you for guidance and ask which direction they should go in. In addition to keeping profitability in mind, you also have look at decisions from an ethical standpoint. The role of ethics in decision making affects how you approach decisions, how you decide which action to take and whether or not you need to consult someone else for their viewpoint.
Explanation:
Othello Company understated its inventory by $20,000 at December 31, 2017. It did not correct the error in 2017 or 2018. As a result, Othello's stockholders' equity was:
Answers
Answer:
Othello company understated its inventory by $20,000 at December 31 2017
This error was not corrected In 2017 or 2018
Therefore as a result of this Othello stockholder equity was understated in the year 2014, December 31 and properly stated at 2015, December 31
Tomorrow is my interview in Lucknow Public School for 9th standard. Can anyone help me by giving some tips and tricks
Answers
Interview questions vary from school to school.
Prepare for:
1. Your introduction
NameAgeFavorite subjectHobbiesBe prepared for some basic questions on your favorite subjects and hobbies.
2. General Knowledge
Current affairsNational symbolsYour regional questionsBasic math, science, social science questions.3. Previous years questions
Questions from 8th grade.4. Why do you want admission in this school?
It will be beneficiary if you tell them something like that they are reputated and they have the best facilities etc.Never say anything bad about your previous school, it is a bad impression. Just say that previous one was good too, but this is better.The United States, making up less than 5 percent of the world's population, uses more than ___ of the world's commercial energy production.
Answers
Despite that the country takes less than 5% of world population, it accounts for more than two-third of the world's commercial energy production.
The use of commercial energy production in this context entails use of resources like electricity, coal, advanced petroleum products, nuclear materials etc
These resources are in massive use in United States for generation of electricity, agricultural, transportation, commercial development etc
Therefore, the answer is that United States uses more than two-third (2/3) of the world's commercial energy production.
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If a person receiving a check knows it has been altered, can that person be a
holder in due course?
o a. no, because a holder in due course must receive a note rather
than a check
b. yes, because anyone can be
a holder in due course.
o c. no, because a holder in due course cannot have knowledge of
alteration
d. yes, because the check has value even if it is altered.
answer:c no, because a holder in due course cannot have knowledge of alteration
Answers
If a person receives a check and knows it has been altered then as regards being a holder the answer is c. no, because a holder in due course cannot have knowledge of alteration.
What is a holder in due course?A holder in due course is a person who can take a check or other promissory notes in an exchange where the value of the check is exchanged for something of equal value.
If the person knows that the check has been altered, then they cannot be a holder of due course because they will know that the altered amount is not the right value.
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Answer:
C. No, because a holder in due course cannot have knowledge of alteration
Explanation:
Holder in Due Course - A person who has received a negotiable instrument in good faith and without notice that it is overdue, that there is any prior claim, or that there is a defect in the title of the person who negotiated it
Mr.Crimpson is an economist. During the course of each day, he studied how to meet limited wants with limited resources.
True or False?
Answers
Answer:
True
Explanation:
Economic analysis is an analysis about how to fulfill infinite, overlapping needs with minimal capital. It's the method of determining how to "do the best from the least"—to have the most fulfillment with both the least amount of money and resources.
audit documentation is critical to evidence gathering because:
Answers
Audit documentation is critical to evidence gathering because B. It demonstrates professional skepticism
Why is audit documentation important ?Professional skepticism stands as an indispensable mindset and methodology embraced by auditors to astutely scrutinize and assess the information and evidence procured during an audit undertaking. It engenders an independent and probing outlook, engrossed in validating and substantiating the assertions and representations espoused by the audited entity.
In this context, audit documentation emerges as a crucial conduit for manifesting the application of professional skepticism. Functioning as an undeniable testament, it serves as a tangible archive of the auditor's scrutiny, analysis, and evaluation of the client's financial statements and internal controls.
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Explain the project planning steps
Answers
Set goals
Prioritize tasks
Create a schedule
Communicate.
An auditor ordinarily sends a standard confirmation request to all banks with which the entity has done business during the year under audit, regardless of the year-end balance. One purpose of this procedure is to:
A. seek information about loans from the banks.
B. detect kiting activities that may otherwise not be discovered.
C. request that a cutoff bank statement and related checks be sent to the auditor.
D. provide the data necessary to prepare a proof of cash.
Answers
Answer:
A. seek information about loans from the banks.
Explanation:
A loan can be defined as an amount of money that is being borrowed from a lender and it is expected to be paid back at an agreed date with interest.
Generally, the financial institution such as a bank lending out the sum of money usually requires that borrower provides a collateral which would be taken over in the event that the borrower defaults (fails) in the repayment of the loan.
An auditor refers to an authorized individual who review, examine and verify the authenticity and accuracy of business financial records or transactions.
An auditor ordinarily sends a standard confirmation request to all banks with which the entity it is auditing has done business during the year under audit, regardless of the year-end balance. One purpose of this procedure is to seek information about loans from the banks so as to examine and verify the amount that was loaned by the bank to the business entity, as well as comparing the figures (values) to that on the balance sheet.
According to the presentation, which sector of agribusiness involves packers and advertisements?
a) Output
b) Primary
c) Secondary
d) Input
Answers
Answer:
D
Explanation:
your welcome
Input is the sector of agribusiness involves packers and advertisements, According to the presentation. Hence, option D is correct.
What is sector of agribusiness?The production and management of farms, the manufacture and distribution of agricultural equipment and supplies, as well as the processing, storage, and distribution of agricultural goods are all included in the definition of the agribusiness industry.
Agribusinesses include companies that make agricultural machinery like Deere & Company, create seeds and agrichemicals like Monsanto, process food like Archer Daniels Midland Company.
As well as farmer's cooperatives, agro-tourism companies, and companies that make biofuels, animal feeds, and other goods. The sector of the economy known as "agribusiness" encompasses all farming-related economic activities.
Thus, option D is correct.
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Explain the integrated marketing communications (IMC) concept. What are the reasons for its general success
Answers
Integrated Marketing Communications (IMC) can be defined as the process used to integrate the elements of marketing communications. An integrated approach to marketing communications coordinates all channels, shares the same strategy, and guarantees comprehensive business goals and corporate value.
Integrated Marketing Communications (IMC) is a strategy that shifts marketing departments from different features to a connected approach. IMC captures a variety of marketing materials and channels, from digital to social media, PR to direct mail, and puts them together in one credible message.
Integrated marketing allows brands to have a unified voice across all consumer touchpoints. IMC builds customer loyalty, brand awareness, reach, and trust. RocketDock specializes in integrating marketing strategies to help brands communicate effectively across all platforms.
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How can you encourage people to participate in activities?.
Answers
Pay close attention to what you hear.
Spend some time listening and exercising patience.
Build relationships with friends and family.
What can you do to motivate individuals to engage in activities?Getting People InvolvedSetting the Scene Describe Your Process for Judging Participation.Enable Students to Prepare. Ask for written responses or unprompted writing.Encourage students' thinking. Do not ask pre-programmed or yes/no questions.Display Your Interest. Provide nonverbal support.Cooperate with all. Understand the person you are calling.What are the top motivators for people
Power. Some people are driven by things like fame, power, and self-improvement. Some people are unmistakably driven by self-mastery — the drive to learn and advance — as much as by the need for winning, praise, and recognition.
Engagement with others, financial gain, and passion.
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Hey, can I please get some help? Thank you!
Answers
2.When interest rates are rising, both businesses and consumers will cut back on spending. This will cause earnings to fall and stock prices to drop. ... As interest rates move up, the cost of borrowing becomes more expensive. This means that demand for lower-yield bonds will drop, causing their price to drop.
For a single-price monopoly, marginal revenue is ________ when demand is elastic and is ________ 20) when demand is inelastic.
Answers
According to macroeconomic theory, for a single-price monopoly, marginal revenue is positive when demand is elastic and is negative when demand is inelastic.
When the demand is elastic, reducing the price and selling more units results in total revenue increasing.
Therefore, to make this valid, Marginal Revenue must be greater than 0.
On the other hand, when demand is inelastic, reducing the price and selling more units decreases total revenue.
Thereby, to make this valid, Marginal revenue must be less than 0.
Hence, in this case, it is concluded that the correct answer is positive and negative, respectively.
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