Responsibility Accounting means the cost accounting system that has been established on responsibility basis. The basic results may be responsible, but the actual results must be very close to the planned results there by minimize the variances. The planned results may be stated in the budgets as well as standards.
The responsibility accounting is purely a system of budgeting and performance report that has been created around the structure of any organization. This type of accounting considers historical cost as well as the future costs. Manuals as responsibility accounting homework answers are of real help.
Why responsibility accounting homework answers are necessary:
Responsibility Accounting is the discipline of accounting that is responsible for doing certain tasks to receive any report related to accounting. A student of accountancy is required to be expert in this subject for real-time application. But in practice field, many students find real time difficulty in solving the problems related to accounting. When the students are unable to understand responsibility accounting fundamentals, they fail to submit their assignments. Responsibility accounting homework answers help them a lot to solve their problem.
Basic responsibilities of responsibility accounting homework answer:
When an accounting student fails to understand the problem and unable to solve, then these responsibility accounting homework answers team of experts will guide them to solve the responsibility accounting assignments.
As the responsibility accounting deals with the profits, costs and revenue information, you can easily solve your problem with the expert team. The report prepared by the experts can easily be furnished to the manager who is in charge of any responsibility center. All aspects of this accounting are combined with the part of the excellent responsibility accounting homework answers help provided by the expert team.
The importance of responsibility accounting:
Responsibility Accounting is important in assessing the performance of managers and the concerned department. The evaluation of the financial performance as well as the efficiency of the department(s) management can easily evaluate the exact strength and weakness of that department.
This is the complex process that needs to demonstrate to gain full satisfaction. To solve the problem relating to responsibility accounting, you need the deep assistance of responsibility accounting homework answers team. As soon as you take the guidance of the team, you will get the success soon.
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Objectives of Responsibility Accounting:
The main objectives of the responsibility accounting areâ€”
- Under Responsibility Accounting the overall organizational goals are divided into some small goals each of which offers better achievements.
- Through proper planning, the proper emphasis is given to the cost control.
- Responsibility Accounting informs the manager about how he/she has done in the area for which he/she is directly responsible for his/her performance and
- To motivate the manager to generate direct actions that are necessary to improve the performance.
Manuals as responsibility accounting homework answers help the students to fulfill the objectives in a proper way.
Advantages of responsibility accounting:
This is one of the best traditional accounting systems that provide a number of advantages. Some of these advantages areâ€”
- Responsibility Accounting establishes a strong mechanism for control.
- Responsibility Accounting encourages the budget through which the actual achievement can be compared.
- It increases the awareness of the officers, and they can explain the deviations they are responsible.
- It helps to detect the weak areas of any organization and helps to strengthen the weak areas.
Disadvantages of Responsibility Accounting:
Apart from the above advantages the responsibility accounting has the following limitationsâ€”
- In any concern, different departments are so co-related that it is not possible to draw the particular responsibility
- Sometimes conflicts arise between the individual and the interest of the organization.
- To work effectively, it requires a good communication system.
- This accounting system ignores any personal reaction of any person who is involved in implementing the accounting system.
Steps involved in Responsibility Accounting:
The following steps help responsibilityÂ accounting to work effectivelyâ€”
- First of all, set the target and communicate each manager.
- A continuous evaluation of real performance is necessary to be made, and actual results maybe conveyed to the manager of the responsibility center.
- Report variances to the higher management along with the names of the responsibility centers.
- Suggested measures are to be taken and will be communication will be done to the managers of the responsibility center.
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