A Responsibility Centre Which Is Responsible for Both Cost Inputs

question 44

Multiple Choice

A responsibility centre which is responsible for both cost inputs and revenue is known as a:

• A)cost centre.
• B)revenue centre.
• C)profit centre.
• D)investment centre.

---

Definitions:

Tax Return

The documentation filed with tax authorities detailing income earned, taxes owed, and other information necessary to calculate tax liability.

Adjusted Gross Income

This is your gross income after adjustments have been made for certain deductions, crucial in determining your taxable income.

Miscellaneous Deductions

Deductions that do not fit into standard categories on tax returns, often subject to limitations or thresholds before they can be claimed.

Job-Hunting Expenses

Costs incurred while seeking employment in your current occupation, which can include travel expenses, resume preparation, and employment agency fees, may be deductible under certain conditions.