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Match the Appropriate Definition a Through H with the Following

Question 209

Matching

Match the appropriate definition a through h with the following terms:

Premises:
Responsibility accounting system
Investment center
Cost center
Departmental contribution to overhead
Profit center
Performance report
Responses:
A department whose manager is judged on the ability to control costs by keeping them within a satisfactory range.
Set up to control costs and evaluate managers' performances by assigning costs to the managers responsible for controlling them.
A department whose manager is judged on the ability to generate revenues in excess of the department's costs.
A department or unit that generates revenues and incurs costs, in which the manager is also responsible for investments made in operating assets.
Compares actual and budgeted costs and expenses under the control of a manager.
A measure of departmental sales less direct expenses.

Correct Answer:

Responsibility accounting system
Investment center
Cost center
Departmental contribution to overhead
Profit center
Performance report
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