A responsibility accounting performance report displays:Multiple ChoiceOnly actual costs.Only budgeted costs.Both actual costs and budgeted costs.Only direct costs.Only indirect costs.

A responsibility accounting system provides: (Check all that apply.)Multiple select question.actual cost information data for planning and controllingdifferences between budgeted and actual amountsreports to identify and punish managers who fail to control costs and expenses

A responsibility accounting performance report contains which of the following items? (Check all that apply.)Multiple select question.Actual amountsBudgeted amountsA list of all controllable costsA list of all controllable direct costsA list of all indirect costsThe difference between actual and budgeted amounts

The purpose of a responsibility accounting system is to provide information to: (Check all that apply.)Multiple select question.assign costs and expenses to the managers responsible for controlling them.evaluate the profitability or cost effectiveness of each department's activities.prepare financial statements for creditors and owners.evaluate managers' performance.

A responsibility accounting system recognizes that control over costs and expenses belong to:Multiple choice question.the board of directorslower level managementseveral levels of managementupper level management

Cost accounting is defined by the Institute of Management Accountants as "a systematic set of