Responsibility Accounting Definition:
A system of accountability in which managers are held responsible for those items of revenue and cost – and only those items – over which the manager can exert significant control. The managers are held responsible for differences between budgeted and actual results.
Other Related Accounting Articles:
- The Concept of Accountability in Accounting
- Responsibility Center Definition
- Importance of Variance Analysis
- Management By Exception Definition
- Selling Price Variance
- Need for Managerial Accounting Information
- What is Sales Volume Variance?
- Profit Center Definition
- Cost Center Definition
- Investment Center Definition
Download E accounting book in MS-word format for just 20 $ - Click here to Download