Responsibility Accounting System

question 88

Multiple Choice

Responsibility accounting system

• A)A department or unit that incurs costs without directly generating revenues.
• B)A center in which a manager is responsible for using the center's assets to generate income for the center.
• C)Costs that are incurred for the joint benefit of more than one department and cannot be readily traced to only one department.
• D)Costs readily traced to a specific department because they are incurred for the sole benefit of that department.
• E)Costs incurred to produce two or more products at the same time.
• F)Costs that a manager can strongly influence or control.
• G)A department that incurs costs and generates revenues.
• H)Assigns managers the responsibility for costs and expenses under their control.

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Definitions:

Antitrust Charges

Legal actions or penalties brought against corporations or organizations that are charged with practices deemed to restrain trade and reduce competition in the marketplace.

Federal Energy Regulatory Commission

A U.S. federal agency that regulates the interstate transmission of electricity, natural gas, and oil.

Sherman Act

A landmark federal statute in the United States antitrust law passed by Congress in 1890 to prohibit monopolies and other activities that restrict competition.

Clayton Act

A U.S. antitrust law enacted in 1914, aimed at prohibiting specific business activities that lessen competition, such as price discrimination, exclusive dealings, and mergers that significantly reduce market competition.