What Is the Definition of the Term Responsibility Accounting

question 53

Multiple Choice

What is the definition of the term responsibility accounting?

• A)a system that measures business unit results and compares budgeted outcome
• B)a system that defines responsibility by function only
• C)a system that measures the results of a manager responsible for revenues and costs
• D)a system that measures actual results against a flexible budget

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Definitions:

Senior Management

The highest level of executives and managers in an organization who are responsible for its overall operations and strategy.

Implied Repudiation

A situation where one party's actions or statements indicate an intention not to fulfill contractual obligations, thus leading to a breach of contract.

Express Repudiation

The clear and unequivocal refusal to fulfill one's duties or obligations under a contract.

Specific Performance

A legal remedy requiring a party to execute a contract according to its precise terms, often applied in cases where monetary damages are insufficient.