Responsibity accounting
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This document discusses responsibility accounting, which is a management control system that delegates responsibility to responsibility centers. It measures the performance of these centers. The key points are: 1. Responsibility accounting identifies managers responsible for performance and provides motivational and planning benefits. 2. Objectives include determining a division's contribution, evaluating manager performance, and motivating managers to meet organization goals. 3. Responsibility centers include cost centers, revenue centers, profit centers, and investment centers. Performance is reported using budgets, actuals, and variances. 4. Issues include interdepartmental conflicts, delayed reporting, and overloading of information. Responsibility accounting should not be relied on completely but rather direct attention to
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Responsibility accounting is a system that assigns revenues and costs to responsibility centers based on who has responsibility over that area. It collects both planned and actual accounting information for these centers. Key features include identifying responsibility centers, assigning controllable costs, setting targets, comparing actual to planned performance, and reporting deviations. Responsibility centers can be cost centers, profit centers, or investment centers depending on if they are responsible for costs, revenues, or both. This system aims to improve performance by assigning responsibility and enabling better planning, control, decision-making, and management by exception. However, it requires proper organizational structure and delegation for successful implementation.
Intoduction to management accounting (MAF251)
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- They use the same general accounting system to collect data and develop information. However, management accounting focuses more on internal reporting to help managers with decision making, while financial accounting focuses on external reporting for stakeholders.
- Some key similarities include using the same data collection system and providing information to fulfill accountability of financial and operating performance. However, management accounting reports are more flexible and focus on segments useful for decision making.
Operational-Planning-Management-and-its-Role.pptx
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The document discusses the concepts of planning and control in organizational management. It states that control is necessary for organizations to efficiently utilize scarce resources and ensure purposeful employee behavior. Control involves evaluating performance against plans and taking corrective actions when needed. Planning provides the standards and goals that control measures and ensures compliance with. There is a reciprocal relationship between planning and control as they inform and rely on each other.
Management accounting
Management accounting provides accounting information to managers within organizations to help them make informed business decisions. It involves identifying, measuring, analyzing, and communicating financial and non-financial information. The key functions of management accounting are to modify raw accounting data, interpret financial analyses, and assist with management control through tools like budgeting and performance analysis to evaluate operations and fix issues. Management accounting differs from financial accounting in its focus on internal users, future orientation, and inclusion of both monetary and non-monetary information to support management planning, implementation, and decision-making.
RESPONSIBILITY ACCOUNTING WITH SPECIAL REFERENCE TO STANDARD COSTING AND BUDG...
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This document discusses responsibility accounting and budgeting. It defines responsibility centers as parts of a business where control over revenues or expenses is located, such as divisions, departments, or machines. Responsibility centers can be cost centers, profit centers, or investment centers. Budgeting involves setting standards, collecting actual data, analyzing variances between standards and actuals, and taking corrective action. Budgets help managers plan and control resource use, while responsibility accounting provides performance information to evaluate individual managers.CHAPTER 1 Management Accounting.docx
The document discusses the differences between financial and managerial accounting. It provides examples of information that would be useful for managers but not required in external financial reports, such as details on revenue sources and expenses. While training and advertising are not capitalized under GAAP, managerial reports could include additional performance measures to aid internal decision making. Management accountants have responsibilities for planning, controlling performance, and ensuring accountability. They must understand how measurements may influence behavior and introduce new systems carefully.
Management accounting introduction
Management accounting provides information to assist management in planning, directing, and controlling operations. It involves accounting methods, systems, and techniques used to evaluate past performance and forecast future results. Management accounting helps with decision-making, budgeting, cost control, performance evaluation, and other managerial tasks. It differs from financial accounting in its focus on internal reporting rather than external reporting. The document outlines the objectives, scope, importance, limitations, and differences between management accounting, financial accounting, and cost accounting. It also discusses analysis and interpretation of financial statements.
Controlling detailed.pdf .
Controlling involves measuring performance against standards and correcting deviations from plans to ensure objectives are met. It is a process that includes establishing standards, measuring performance against those standards, and correcting any variations. Managers at all levels are responsible for controlling. Standards can be physical, cost-based, related to capital, revenue, programs, goals, or intangible. Budgets, statistical reports, analysis, audits, and observation are control techniques used to monitor performance.
Managerial Accounting.docx
Managerial accounting provides internal reports and analyses to help management make decisions regarding business performance. It uses techniques like marginal analysis, constraint analysis, and capital budgeting to aid planning, organizing, directing, and controlling. While dependent on accurate financial records, managerial accounting helps analyze costs, trends, and forecasts to set goals, compare departments, and maximize profits. However, different managers may interpret information differently, and it is best suited for larger, established companies that can implement specialized systems.
Management accounting
Management accounting -Definition -Objectives -scope -Utility -Functions -advantages -Limitations -tools -Relationship between Management accounting and Cost accounting and financial accounting
Controlling 3
This document discusses controlling as a management function that involves ensuring employee performance aligns with organizational standards through monitoring, comparing, and correcting actions. It describes controlling as both a corrective and foreseeing activity. The document outlines objectives to discuss the nature of controlling, link planning to controlling, and distinguish control methods and systems. It provides definitions for terms like standard and discusses the importance of management control for areas like working capital. The document also describes the typical control process of establishing standards, measuring performance, comparing to standards, and taking corrective action. It discusses accounting tools like the balance sheet, income statement, and cash flow statement that are used for organizational performance control and financial analysis. Finally, it covers quantitative and non-quantitative control
CONTROLLING.pptx
This document discusses various techniques used for managerial control. It describes traditional techniques like personal observation, statistical reports, break even analysis and budgetary control. It also outlines modern techniques such as return on investment, ratio analysis, responsibility accounting, management audit, network techniques like PERT and CPM, and management information systems. The key purpose of control techniques is to establish performance standards, measure actual performance, identify deviations, and take corrective actions to ensure goals are achieved.
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Responsibity accounting
- 1. BY- PREETI DUTT GARG(15) SHUBHANGI KAMBLE(13
- 2. CONTENT • CONCEPT • SIGNIFICANCE • OBJECTIVES • RESPONSIBITY CENTRES • PERFORMANCE REPORTING • BEHAVIOURAL EFFECTS • PROBLEMS • SEGEMENT REPORTING
- 3. Responsibility accounting is a management control system based on the principles of delegating and locating responsibility. The authority is delegated on responsibility center and accounting for the responsibility center.
- 4. 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.
- 5. 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.
- 6. OBJECTIVES Responsibility accounting is a method of dividing the organizational structure into various responsibility centers to measure their performance. In other words responsibility accounting is a device to measure divisional performance measurement may be stated as under: 1. To determine the contribution that a division as a sub-unit makes to the total organization. 2. To provide a basis for evaluating the quality of the divisional managers performance. Responsibility accounting is used to measure the performance of managers and it therefore, influence the way the managers behave. 3. To motivate the divisional manager to operate his division in a manner consistent with the basic goals of the organization as a whole.
- 7. For control purposes, responsibility centers are generally categorized into: The paint department in an automobile the reservation department of airline plant Cost Center Segment has control over the incurrence of costs. Revenue Center Segment is responsible for the revenue of a unit.
- 8. COMPANYOWNEDRESTAURANTIN ADIVISIONOF LARGECORPORATION FASTFOODCHAIN Profit Center Segment has control over both costs and revenues. Investment Center Segment has control over profits and invested capital.
- 9. Show the budgeted and actual amounts, and the variances between these amounts, of key financial results appropriate for the type of responsibility center.
- 11. 1. Classification of costs 2.inter departmental conflicts 3.Delay in reporting
- 12. 4. Overloading of Information: Responsibility accounting reports may be overloading with all available information. This danger is inherent in the system but with clear instructions by management as to the functioning of the system and preparation of reports, etc., only relevant information flow in. 5. Complete Reliance will be deceptive: Responsibility accounting can’t be relied upon completely as a tool of management control. It is a system just to direct the attention of management to those areas of performance which required further investigation.
- 13. SEGEMENT REPORTING . A segment is any part of activity of an organization which a manager seeks cost ,revenue and profit data Segment reporting refers to the preparation of accounting by segment and for the organization as a whole
- 14. Key Features of Segmented Reporting …….. Contribution format. Controllable versus uncontrollable expenses. Segmented income statement.
- 15. THANK YOU