A Responsibility Center in Which the Department Manager Has Responsibility

question 92

True/False

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

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Definitions:

SWOT Analysis

A strategic planning tool used to identify Strengths, Weaknesses, Opportunities, and Threats related to business competition or project planning.

Untapped Markets

Market segments or areas where a company's products or services have not yet been introduced or exploited.

Opportunity

A set of circumstances that makes it possible to do something or for something to happen, often leading to potential benefits or advancement.

Strategic Planning Team

A group of individuals from various departments within an organization responsible for developing long-term goals and strategies.