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Explain the concept of responsibility accounting?

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 asked

Hi I am preparing for CA exam. Can you please Explain the concept of responsibility accounting?

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3 Answers
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Responsibility accounting is a management control system based on the principles of delegating and locating responsibility.The authority is delegated on responsibility centre and accounting for the responsibility centre. Responsibility accounting is a system under which managers are given decisions making authority and responsibility for each activity occurring within a specific area of the company. Under this system, managers are made responsible for the activities of segments. These segments may be called departments, branches or divisions etc., one of the uses of management accounting is managerial control. Among the control techniques “responsibility accounting” has assumed considerable significance.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Easy Identification: It enables the identification of individual managers responsible for satisfactory or unsatisfactory performance. Motivational Benefits : If a system of responsibility accounting is implemented, consider-able motivational benefits are assured. Data Availability : A mechanism for presenting performance data is provided. A framework of managerial performance appraisal system can be established on that basis, besides motivating managers to act in the best interests of the enterprise.

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Open uri20170510 32134 1c996lj?1494421732 answered

Focuses on providing financial information useful in evaluating efficiency and effectiveness of managers or department heads, on the basis of financial performance directly under their control. Responsibility accounting is a management control system based on the principles of delegating and locating responsibility.The authority is delegated on responsibility centre and accounting for the responsibility centre. Responsibility accounting is a system under which managers are given decisions making authority and responsibility for each activity occurring within a specific area of the company. Under this system, managers are made responsible for the activities of segments. These segments may be called departments, branches or divisions etc., one of the uses of management accounting is managerial control. Among the control techniques “responsibility accounting” has assumed considerable significance. While the other control devices are applicable to the organization as a whole, responsibility accounting represents a method of measuring the performance of various divisions of an organization. The term ‘division’ with reference to responsibility accounting is used in general sense toinclude any logical segment, component, sub-component of an organization. Defined in this way, it includes a decision, a department, a branch office, a service centre, a product line, a channel of distribution, for the operating performance it is separately identifiable and measurable is some what of practical significance to management. Easy Identification: It enables the identification of individual managers responsible for satisfactory or unsatisfactory performance. Motivational Benefits : If a system of responsibility accounting is implemented, consider-able motivational benefits are assured. Data Availability : A mechanism for presenting performance data is provided. A framework of managerial performance appraisal system can be established on that basis, besides motivating managers to act in the best interests of the enterprise. Ready-hand Information: Relevant and up to the minutes information is made available which can be used to estimate future costs and or revenues and to fix up standards for departmental budgets. Planning and Decision Making: Responsibility accounting helps not only in control but in planning and decision making too. Delegation and Control: The twin objectives of management are delegating responsibility while retaining control are achieved by adoption of responsibility accounting system. Principles of responsibility Accounting The main features of responsibility accounting are that it collects and reports planne

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