Class: ACCT-301 --> WEEK 6: RESPONSIBILITY ACCOUNTING
Please describe what a cost center is. How does this differ from a profit center?
What a cost center is?
The cost center is most limited area for responsibility of which costs accumulated. Manager for a cost center have control over many type of costs, but they don't have control over its invested capital or revenues .
So the cost centers are not only departments but there may be different cost centers within a department.Example be a assembly line or a special machine may be a cost center.
How does it differ from profit center
A cost center, typically a support department, is one that produces no external income and that exists to help produce profits (but does not produce profits directly).
A profit center is a department that also has costs, but also generates revenues and is therefore expected to produce a profit.
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