Which Statement Concerning Responsibility Accounting Is Untrue

question 53

Multiple Choice

Which statement concerning responsibility accounting is untrue?

• A) For successful budgeting responsibility must be clearly defined.
• B) A manager is held responsible for the activities of his/her department.
• C) The choice of responsibility centres in an organisation depends on its characteristics.
• D) Responsibility centres are usually determined by differences in the product the firm produces.

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Definitions:

Vickrey Auction

A sealed-bid auction where the highest bidder wins but pays the second-highest bid price.

Sealed Bid

A method of auction where all bids are submitted confidentially, with the highest bidder winning.

Bid-Rigging Cartel

A secretive agreement between competitors to fix bidding processes to ensure a predetermined outcome.

Winning Bid

The highest offer made in an auction that wins the item or contract being auctioned.