A Responsibility Center in Which the Department Manager Has Responsibility

question 88

True/False

A responsibility center in which the department manager has responsibility for and authority over costs, revenues, and assets invested in the department is termed a cost center.

---

Definitions:

Safest

Referring to the lowest risk condition or option, often used in the context of investments or decisions.

Conventional Bank

A financial institution that provides a range of traditional banking services, including accepting deposits and making loans, operating within a regulatory framework.

Consumers

Individuals or groups who purchase goods and services for personal use and not for manufacture or resale.

Commercial Letter

A formal letter used in the business context for communications between companies, or between a company and its customers, suppliers, or partners.