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:
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Investment and profit centers |
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Profit and cost centers |
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Cost and investment centers |
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Only profit centers |
A profit center is
Question 21 options:
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a responsibility center that always reports a profit. |
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a responsibility center that incurs costs and generates revenues. |
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evaluated by the rate of return earned on the investment allocated to the center. |
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referred to as a loss center when operations do not meet the company's objectives. |
Homework Answers
Answer:
20. Investment and profit centers.
21. A responsibility center that incurs costs and generate revenues.
Add Answer to:
Which responsibility centers generate both revenues and
costs?
Question 20 options:
Investment and profit centers
Profit...
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...
QUESTION 29 A company is analyzing the performance of responsibility centers. Controllable costs would be included...
QUESTION 29 A company is analyzing the performance of responsibility centers. Controllable costs would be included in the performance reports of which of the following types of responsibility centers? Profit Centers No Yes Yes No Investment centers No A) B) C) D) Yes Yes A) ОВ) o C) o D) QUESTION 30 Profit center managers are often evaluated using return on investment (ROl) or residual income measures. O True False QUESTION 31 An opportunity cost is the potential benefit that...
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....
The responsibility center in which the manager has responsibility and authority over revenues and costs, but...
The responsibility center in which the manager has responsibility and authority over revenues and costs, but not assets, is the Multiple Choice revenue center investment center, profit center. cost center The minimum required rate of return for a project is the: Multiple Choice Ο accounting rate of return. Ο hurdle rate. Ο annual rate of return. Ο internal rate of return.
Managerial Accounting question? 18. Responsibility Centers. Petroleum Products, Inc., operates primarily in the United States and...
Managerial Accounting question?
18. Responsibility Centers. Petroleum Products, Inc., operates primarily in the United States and has several segments: Accounting and finance: responsible for recording financial information and preparing financial reports 2. Human resources: responsible for hiring employees and maintaining personnel records. 3. Retail stores: responsible for sales prices and all costs within each store. 4. Advertising: responsible for promotional materials. 5 Production: responsible for manufacturing company products 6. International operations: acts as an 1. independent segment responsible for all...
18. Responsibility Centers. Petroleum Products, Inc., operates primarily in the United States and has several segments: 1. Accounting and finance: responsible for recording financial information and...
18. Responsibility Centers. Petroleum Products, Inc., operates primarily in the United States and has several segments: 1. Accounting and finance: responsible for recording financial information and preparing financial reports. 2. Human resources: responsible for hiring employees and maintaining personnel records 3. Retail stores: responsible for sales prices and all costs within each store. 4. Advertising: responsible for promotional materials 5. Production: responsible for manufacturing company products. 6. International operations: acts as an independent segment responsible for all facets of the...
UUTINI ate.. QUESTION 16 A responsibility center in which the authority over and responsibility for costs...
UUTINI ate.. QUESTION 16 A responsibility center in which the authority over and responsibility for costs and revenues is vested in the department manager is termed a profit center. True False QUESTION 17 The minimum amount of desired divisional income from operations is set by top management by establishing a minimum rate of return considered acceptable for invested assets. True False QUESTION 18 Service department charges are similar to the expenses of a profit center that purchased services from a...
14. A res and authority over costs and revenues is called a(n) a. profit center b....
14. A res and authority over costs and revenues is called a(n) a. profit center b. investment center ponsibility center in which the department manager has responsibility for volume center cost center that represent levels of operation that can be attained with reasonable effort are called a. theoretical standards b. ideal standards variable standards normal standards d. If at the end of the fiscal year, the variances from standard are significant, the variances should be transferred to the 16. work...
QUESTION 32 Which of the following three statements are correct? I. A profit center has control...
QUESTION 32 Which of the following three statements are correct? I. A profit center has control over both cost and revenue. Il. An investment center has control over invested funds, but not over costs and revenue. IIA cost center has no control over sales o only Only Only I and II Only I and I QUESTION 33 The Freed Company produces three products, X, Y, Z, from a single raw material input. Product Y can be sold at the splitoff...
"Responsibility accounting" is the concept that says: 17. Managers should be held entirely responsible for all...
"Responsibility accounting" is the concept that says: 17. Managers should be held entirely responsible for all investment decisions that impact the particular segment in which they are in charge. a. b. Managers should be held responsible for only those things under their control. Managers should never be held entirely responsible for things that happen within the c. particular segment in which they are in charge. Managers should be responsible for both revenues and costs of their particular segment. d. THE...
QUESTION 29 A company is analyzing the performance of responsibility centers. Controllable costs would be included in the performance reports of which of the following types of responsibility centers? Profit Centers No Yes Yes No Investment centers No A) B) C) D) Yes Yes A) ОВ) o C) o D) QUESTION 30 Profit center managers are often evaluated using return on investment (ROl) or residual income measures. O True False QUESTION 31 An opportunity cost is the potential benefit that...
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....
The responsibility center in which the manager has responsibility and authority over revenues and costs, but not assets, is the Multiple Choice revenue center investment center, profit center. cost center The minimum required rate of return for a project is the: Multiple Choice Ο accounting rate of return. Ο hurdle rate. Ο annual rate of return. Ο internal rate of return.
Managerial Accounting question?
18. Responsibility Centers. Petroleum Products, Inc., operates primarily in the United States and has several segments: Accounting and finance: responsible for recording financial information and preparing financial reports 2. Human resources: responsible for hiring employees and maintaining personnel records. 3. Retail stores: responsible for sales prices and all costs within each store. 4. Advertising: responsible for promotional materials. 5 Production: responsible for manufacturing company products 6. International operations: acts as an 1. independent segment responsible for all...
18. Responsibility Centers. Petroleum Products, Inc., operates primarily in the United States and has several segments: 1. Accounting and finance: responsible for recording financial information and preparing financial reports. 2. Human resources: responsible for hiring employees and maintaining personnel records 3. Retail stores: responsible for sales prices and all costs within each store. 4. Advertising: responsible for promotional materials 5. Production: responsible for manufacturing company products. 6. International operations: acts as an independent segment responsible for all facets of the...
UUTINI ate.. QUESTION 16 A responsibility center in which the authority over and responsibility for costs and revenues is vested in the department manager is termed a profit center. True False QUESTION 17 The minimum amount of desired divisional income from operations is set by top management by establishing a minimum rate of return considered acceptable for invested assets. True False QUESTION 18 Service department charges are similar to the expenses of a profit center that purchased services from a...
14. A res and authority over costs and revenues is called a(n) a. profit center b. investment center ponsibility center in which the department manager has responsibility for volume center cost center that represent levels of operation that can be attained with reasonable effort are called a. theoretical standards b. ideal standards variable standards normal standards d. If at the end of the fiscal year, the variances from standard are significant, the variances should be transferred to the 16. work...
QUESTION 32 Which of the following three statements are correct? I. A profit center has control over both cost and revenue. Il. An investment center has control over invested funds, but not over costs and revenue. IIA cost center has no control over sales o only Only Only I and II Only I and I QUESTION 33 The Freed Company produces three products, X, Y, Z, from a single raw material input. Product Y can be sold at the splitoff...
"Responsibility accounting" is the concept that says: 17. Managers should be held entirely responsible for all investment decisions that impact the particular segment in which they are in charge. a. b. Managers should be held responsible for only those things under their control. Managers should never be held entirely responsible for things that happen within the c. particular segment in which they are in charge. Managers should be responsible for both revenues and costs of their particular segment. d. THE...
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