A responsibility accounting report that compares actual costs and expenses for a department with the budgeted amounts is called a(n):
A) Performance report
B) Service report
C) Income statement
D) Balance sheet
E) Cost report

Question

Quizplus · Accepted Answer

A performance report is specifically designed to compare actual costs and expenses with budgeted amounts for a department. Service report pertains to service-related activities, income statement pertains to financial performance of the organization, balance sheet is a snapshot of the organization's financial position, and a cost report is a report detailing costs associated with a particular product or service.

A Responsibility Accounting Report That Compares Actual Costs and Expenses