Select all that applyA responsibility accounting performance report contains which of the following items? (Check all that apply.)Multiple select question.Actual amountsA list of all controllable costsBudgeted amountsA list of all indirect costsA list of all controllable direct costsThe difference between actual and budgeted amountsNeed help? Review these concept resources.
Question
Select all that applyA responsibility accounting performance report contains which of the following items? (Check all that apply.)Multiple select question.Actual amountsA list of all controllable costsBudgeted amountsA list of all indirect costsA list of all controllable direct costsThe difference between actual and budgeted amountsNeed help? Review these concept resources.
Solution
A responsibility accounting performance report typically contains:
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Actual amounts: This refers to the actual costs incurred or revenues earned during a specific period.
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Budgeted amounts: These are the estimated costs or revenues that were expected to be incurred or earned during a specific period.
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The difference between actual and budgeted amounts: This is often referred to as the variance. It shows whether the actual performance was better or worse than what was budgeted.
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A list of all controllable costs: These are costs that can be directly influenced or controlled by a manager. They are included in the report to evaluate the manager's performance in controlling costs.
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A list of all controllable direct costs: These are costs that can be directly attributed to a specific department or activity and can be controlled by the manager. They are included in the report to evaluate the manager's performance in controlling these specific costs.
A list of all indirect costs is typically not included in a responsibility accounting performance report because these costs cannot be directly controlled or influenced by a manager.
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