Homework Answers
29. C) yes Yes
Profit center is the one which is responsible for both cost as well as revenue
Manager of Investment center has control over cost, revenue as well as investment funds
Hence, controllable costs would be included in the performance report of both of these.
30.FALSE
Profit Centers are evaluated comparing actual profit to budgeted profit
Investment Centers are evaluated using ROI and Residual Income
31. TRUE
Opportunity cost is the benefit foregone for selecting an alternative
32. ONLY I is True
Profit center is the one which is responsible for both cost as well as revenue
Manager of Investment center has control over cost, revenue as well as investment funds
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QUESTION 29 A company is analyzing the performance of responsibility centers. Controllable costs would be included...
Which responsibility centers generate both revenues and costs? Question 20 options: Investment and profit centers Profit...
Which responsibility centers generate both revenues and costs? Question 20 options: Investment and profit centers Profit and cost centers Cost and investment centers Only profit centers A profit center is Question 21 options: a responsibility center that always reports a profit. a responsibility center that incurs costs and generates revenues. evaluated by the rate of return earned on the investment allocated to the center. referred to as a loss center when operations do not meet the company's objectives.
Which of the following is correct regarding responsibility centers? A. Traceable costs, as used in a...
Which of the following is correct regarding responsibility centers? A. Traceable costs, as used in a responsibility accounting system, only consists of variable costs. B. Common fixed costs should be allocated to a segment and used to evaluate the segment’s performance. C. Cost centers, profit centers, and investment centers are all considered responsibility centers. D. Responsibility centers are primarily utilized in companies with centralized operations. E. If a manager is held responsible for generating revenue, controlling costs, and efficiently investing...
Problem 22.1A Responsibility accounting performance reports; controllable and budgeted costs LO P1 Billie Whitehorse, the plant...
Problem 22.1A Responsibility accounting performance reports; controllable and budgeted costs LO P1 Billie Whitehorse, the plant manager of Travel Free's Indiane plant is responsible for all of that plant's costs other than her own salary The plant has two operating departments and one service department. The comper and trailer Operating departments manufacture different products and have their own managers. The office department, which Whitehorse also manages provides services equally to the two operating departments. A budget is prepared for each...
QUESTION 19 The basic objective of responsibility accounting is to charge each manager with those costs...
QUESTION 19 The basic objective of responsibility accounting is to charge each manager with those costs and/or revenues over which he has control O True O False QUESTION 20 A segment of a business responsible for both revenues and expenses would be called: 1. a cost center. 2. an investment center. 3. a profit center. 4. an incentive center. QUESTION 21 An profit center is a business segment whose manager has control over costs, revenues, and investments in operating assets....
Problem 22-1A Responsibility accounting performance reports; controllable and budgeted costs LO P1 Billie Whiteh...
Problem 22-1A Responsibility accounting performance reports; controllable and budgeted costs LO P1 Billie Whitehorse, the plant manager of Travel Free's Indiana plant, is responsible for all of that plant's costs other than her own salary. The plant has two operating departments and one service department. The camper and trailer operating departments manufacture different products and have their own managers. The office department, which Whitehorse also manages, provides services equally to the two operating departments. A budget is prepared for each...
Saved Problem 22-1A Responsibility accounting performance reports; controllable and budgeted costs LO P1 Billie...
Saved Problem 22-1A Responsibility accounting performance reports; controllable and budgeted costs LO P1 Billie Whitehorse, the plant manager of Travel Free's Indiana plant, is responsible for all of that plant's costs other than her own salary. The plant has two operating departments and one service department. The camper and trailer operating departments manufacture different products and have their own managers. The office department, which Whitehorse also manages, provides services equally to the two operating departments. A budget is prepared for...
Assignment Details The decision-making authority assigned to managers within the different responsibility centers (cost, profit and...
Assignment Details The decision-making authority assigned to managers within the different responsibility centers (cost, profit and investment) will differ based on the type of center because the role of management’s responsibilities also differs. Therefore, the accounting information required for planning, control, and performance evaluation differs according to the nature of these responsibilities. In 400-600 words address the following: Distinguish among a cost center, a profit center, and an investment center. Provide an example of each for a multi-hospital corporation. What...
Problem 22-1A Responsibility accounting performance reports; controllable and budgeted costs LO P1 Billie Whitehorse, the plant...
Problem 22-1A Responsibility accounting performance reports; controllable and budgeted costs LO P1 Billie Whitehorse, the plant manager of Travel Free’s Indiana plant, is responsible for all of that plant’s costs other than her own salary. The plant has two operating departments and one service department. The camper and trailer operating departments manufacture different products and have their own managers. The office department, which Whitehorse also manages, provides services equally to the two operating departments. A budget is prepared for each...
The Ferrell Transportation Company uses a responsibility reporting system to measure the performance of its three...
The Ferrell Transportation Company uses a responsibility reporting system to measure the performance of its three investment centers: Planes, Taxis, and Limos. Segment performance is measured using a system of responsibility reports and return on investment calculations. The allocation of resources within the company and the segment managers' bonuses are based in part on the results shown in these reports. Recently, the company was the victim of a computer virus that deleted portions of the company's accounting records. This was...
The Ferrell Transportation Company uses a responsibility reporting system to measure the performance of its three...
The Ferrell Transportation Company uses a responsibility reporting system to measure the performance of its three investment centers: Planes, Taxis, and Limos. Segment performance is measured using a system of responsibility reports and return on investment calculations. The allocation of resources within the company and the segment managers’ bonuses are based in part on the results shown in these reports. Recently, the company was the victim of a computer virus that deleted portions of the company’s accounting records. This was...
Problem 22.1A Responsibility accounting performance reports; controllable and budgeted costs LO P1 Billie Whitehorse, the plant manager of Travel Free's Indiane plant is responsible for all of that plant's costs other than her own salary The plant has two operating departments and one service department. The comper and trailer Operating departments manufacture different products and have their own managers. The office department, which Whitehorse also manages provides services equally to the two operating departments. A budget is prepared for each...
QUESTION 19 The basic objective of responsibility accounting is to charge each manager with those costs and/or revenues over which he has control O True O False QUESTION 20 A segment of a business responsible for both revenues and expenses would be called: 1. a cost center. 2. an investment center. 3. a profit center. 4. an incentive center. QUESTION 21 An profit center is a business segment whose manager has control over costs, revenues, and investments in operating assets....
Problem 22-1A Responsibility accounting performance reports; controllable and budgeted costs LO P1 Billie Whitehorse, the plant manager of Travel Free's Indiana plant, is responsible for all of that plant's costs other than her own salary. The plant has two operating departments and one service department. The camper and trailer operating departments manufacture different products and have their own managers. The office department, which Whitehorse also manages, provides services equally to the two operating departments. A budget is prepared for each...
Saved Problem 22-1A Responsibility accounting performance reports; controllable and budgeted costs LO P1 Billie Whitehorse, the plant manager of Travel Free's Indiana plant, is responsible for all of that plant's costs other than her own salary. The plant has two operating departments and one service department. The camper and trailer operating departments manufacture different products and have their own managers. The office department, which Whitehorse also manages, provides services equally to the two operating departments. A budget is prepared for...
The Ferrell Transportation Company uses a responsibility reporting system to measure the performance of its three investment centers: Planes, Taxis, and Limos. Segment performance is measured using a system of responsibility reports and return on investment calculations. The allocation of resources within the company and the segment managers' bonuses are based in part on the results shown in these reports. Recently, the company was the victim of a computer virus that deleted portions of the company's accounting records. This was...
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