The financial results for one of the subunits of Factory Six Racing is presented in the partially completed performance evaluation report below.
Required:
1.Complete the performance report rounding to three decimal places.
2.Based on the data presented,what type of responsibility centre is this subunit?
3.Which items should be investigated if part of management's decision criteria is to investigate all variances equal to or exceeding $5,000 and exceeding 10% ( both criteria must be met)?
Definitions:
Expenditures
Expenditures are the expenses incurred by individuals, businesses, or governments in paying for goods and services.
Benefits-received Principle
This principle suggests that individuals should pay taxes in proportion to the benefits they receive from government services.
Taxation
The process by which a government imposes charges on citizens and corporate entities to finance government spending and public services.
Gasoline Tax
A tax imposed by governments on the sale of gasoline, typically used to fund transportation-related projects.
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