Responsibility Accounting Homework Answers
Responsibility refers to the duty or the obligation to fulfill a task within the given standards. The outcome of the task- whether favorable or unfavorable- is completely shared by the person(s) who undertook the task.
With respect to an organizationâ€™s financial terms, it refers to the budgeting and accounting of every individual division. Every division is responsible for its active functioning, and budgets are being allocated for the same. The people heading the divisions are responsible for the utilization of the allocated budgets. A fine understanding of this can be derived with help of manuals as responsibility accounting homework answers.
What is the concept of responsibility accounting?
Responsibility Accounting involves the preparation of yearly and monthly budgets for every division. Then the organizationâ€™s definite businesses are classified by each division, and a monthly report is being prepared.
These reports reveal the actual amount spent versus the expected amount spent, and the variance of the actual and expected amount spent is calculated.Responsibility Accounting allows the company and the division managers with a monthly feedback on the managerâ€™s performance.
As the organization is expanding exponentially, it becomes tedious to centralize the activities and run the organization. Hence, organizations are opting for decentralization; making each responsible for its activities, hence impacting the overall organizational performance. To know more, you can surely check out manuals as responsibility accounting homework answers.
The decentralized divisions operate at their own level, plan their own spending, and are assessed based on the output with the allocated inputs. This brings the onus to the division managers, and they are being held for all observed variances.
For example Ms. A is the head of the recruitment division of an organization. She is responsible for all the money that flows in and out of her division. She must submit a report at the start in order for the budget allocations. Her assessment would be made based on the variance of the amount spent by her division to the amount allocated to her division. It becomes her responsibility to control the variance if it tends to be negative.
Responsibility Accounting involves the following features:
- Decentralization of work under the higher management so that each division is responsible for its share of input in the organizational growth.
- The costs incurred and the revenue to be generated are being set already in order to act as a reference point for each divisionâ€™s performance.
- The costs incurred and the revenues generated are being assessed on the reference points.
For those students who wish to have a detailed study of these features, a glimpse through responsibility accounting homework answers manuals is of great help.
Objective of involving Responsibility Accounting:
- Overall organizational goals are split into smaller goals so that each division works collectively for the overall goal.
- The delegation of responsibility ensures more productivity as each division manager is responsible for the variance caused, whether favorable or unfavorable.
- This helps in identifying the areas that need to be worked upon in case of unfavorable variances.
Advantages of Responsibility Accounting:
Introducing Responsibility Accounting in the organization yields the following the advantages.
- As each manager is held responsible for their actions, it becomes imminent for them to focus on their goals and deliver on the managementâ€™s expectations.
- It brings forward a sense of entrepreneurship as each division acts as an individual contributor to the achievement of the overall organizational objective.
- It acts as a measure to gauge the loopholes in the functioning of the divisions as it asserts a relationship between hard work and achievements.
It is best that students have an analytical study of responsibility accounting homework answers for getting a better idea.
Disadvantages of Responsibility Accounting:
Just like any other management phenomenon, the Responsibility Accounting comes with its flaws. A few of them are mentioned below.
- As it is directly proportional to the efforts put in by the division managers, it fails if the managers fail to live up to the expectations.
- Theoretically, it is the delegation of work to each division. However, it is never been observed in reality.
- The managers of each division prepare and submit their reports. However, it may always
not align with the organizational expectations.
The homework provided at schools are proficient to provide problems of Responsibility Accounting. However, the assistance by the faculties is restricted to excel in academics instead of enabling the students to become industry ready.
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- Genuine and industry-specific answers:
The help for the homework is provided based on real-life experiences. This provides 100 percent plagiarism free answers to the students. Also, this helps the students to analyze the answers before submitting, while clarifying their doubts for each and every step involved in the answers. You can surely check out responsibility accounting homework answers for a detailed study.
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Responsibility Accounting looks a simple phenomenon on paper. However, it takes a different turn when applied practically in the organizations. Since each department is interdependent in other departments, it is practically impossible to decentralize the activities.
The academic homework may fail to acknowledge this fact and frame the problems theoretically. However, professional assistance can help the students achieve both theoretical and practical knowledge in order to score well in exams and life.