ACCT 202 - Key Terms - Chapter 12Tools Show
Review key terms for chapter 12: Segment Reporting and Decentralization from Managerial Accounting 10th Edition by Ray Garrison and Eric Noreen. McGraw Hill. 2003
Recommended textbook solutionsIntermediate Accounting14th EditionDonald E. Kieso, Jerry J. Weygandt, Terry D. Warfield 1,471 solutions Essentials of Investments9th EditionAlan J. Marcus, Alex Kane, Zvi Bodie 689 solutions Accounting: What the Numbers Mean9th EditionDaniel F Viele, David H Marshall, Wayne W McManus 338 solutions
Fundamentals of Financial Management, Concise Edition10th EditionEugene F. Brigham, Joel Houston 777 solutions Is a segment of an organization where the manager controls revenues costs and investments?A profit centre is a segment of an organisation whose manager is responsible for both revenues and costs. In a profit centre, the manager has the responsibility and the authority to make decisions that affect both costs and revenues (and thus profits) for the department or division.
What is the term used to describe a segment of a business responsible for both revenues and expenses?A segment responsible for costs and revenues is called a profit center. A segment responsible for costs, revenues, and investment in assets is called an investment center.
What is responsibility accounting?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.
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Is a business segment whose manager has control over costs revenues or investments in operating assets?
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