Which of the Following Best Describes Responsibility

question 81

Multiple Choice

Which of the following best describes responsibility?

• A) The liability of subordinates for accomplishing tasks assigned by managers
• B) The power to make the decisions necessary to complete a task
• C) The assignment of a task, responsibility, or authority by a manager to a subordinate
• D) The duty to perform an assigned task
• E) The number of people supervised by one manager

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Definitions:

Fixed Cost

Costs that do not vary with the level of production or sales, such as rent, salaries, and insurance premiums.

Net Income

An entity's earnings after all expenses, including taxes and operating costs, have been deducted from revenues.

Physical Inventory

The process of counting and verifying the actual quantities of merchandise or goods in stock.

Absorption Cost

An accounting method that assigns all manufacturing costs (both fixed and variable) to products, making them fully absorbed into the cost of goods sold.