A Responsibility Report for a Profit Center Will

question 92

Multiple Choice

A responsibility report for a profit center will

• A) not show controllable fixed costs.
• B) not show indirect fixed costs.
• C) show noncontrollable fixed costs.
• D) not show cumulative year-to-date results.

---

Definitions:

Cash Sale

A cash sale occurs when a customer pays for goods or services immediately at the time of purchase, usually with cash, check, or electronic methods.

IFRS

International Financial Reporting Standards are a set of accounting standards developed by the International Accounting Standards Board (IASB) that are becoming the global standard for the preparation of public company financial statements.

Cash Flow Statement

A financial document that provides aggregate data regarding all cash inflows and outflows a company receives from its ongoing operations, investment activities, and financial investments.

Worksheet

An accounting tool used for planning and preparing financial statements, consisting of columns for trial balances, adjustments, adjusted trial balances, and sums.