The Concept of Responsibility Accounting Means That

question 127

Multiple Choice

The concept of responsibility accounting means that:

• A) Budgetary data should be reviewed and approved by the budget committee.
• B) Budgetary data should be reviewed and approved by all levels of management.
• C) An employee's performance should be evaluated only on those items under his or her control.
• D) An employee's performance should be evaluated only by his or her immediate supervisor.

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Definitions:

Artisan's Lien

A legal claim granted to craftsmen or laborers on property they have worked on or materials they have supplied, to ensure payment for their services.

Property

Assets or possessions owned by an individual or entity, encompassing both tangible and intangible goods.

Mechanic's Lien

A legal claim against a property by a contractor or worker, for unpaid labor or materials provided for the property's improvement.

Real Property

Land and anything permanently attached to it, such as buildings and structures, including rights associated with the land.