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BUS 202

Chapter 22 quiz

QuestionAnswer
budgetary control the use of budgets to control operations
controllable cost a cost over which a manager has control
controllable margin contribution margin - controllable fixed cost
cost center a responsibility center that incurs costs but does not directly generate revenues
decentralization control of operations is delegated to many mangers throughout the organization
direct fixed costs Cost that relate specifically to a responsibility center and are incurred for the sole benefit of the cednter
flexible budget a projection of budget data for various levels of activity
Indirect fixed costs Costs that are incurred for the benefit of more than one profit center
Investment center A responsibility center that incurs costs, generates revenues, and has control over decisions regarding the assets available for use
management by exception The review of budget reports by top management focused entirely or primarily on differences between actual results and planned objectives
non-controllable costs Costs incurred indirectly and allocated to a responsibility center that are not controllable at that level
Profit center A responsibility center that incurs costs and also generates revenue
Residual Income The income that remains after subtracting from the controllable margin the minimum rate of return on a company's average operating assets
Responsibility accounting A part of management accounting that involves accumulating and reporting revenues and costs on the basis of the manager who has the authority to make the day to day decisions about the items
Responsibility reporting system the preparation of reports for each level of responsibility in the company's organization chart
Return on investment (ROI) a measure of managements effectiveness in utilizing assets at its disposal in an investment center
Segment An area of responsibility in decentralized operations
Static budget A projection of budget data at one level of activity
Created by: cammccarty