Question

A report that accumulates the actual expenses that a manager is responsible for and their budgeted amounts is a: Multiple Choice Managerial cost report. Responsibility accounting performance report. Controllable expense report. Departmental accounting report. Segmental accounting report.

Answer 1

Answer:

The answer is option A) A report that accumulates the actual expenses that a manager is responsible for and their budgeted amounts is a: Managerial cost report.

Explanation:

The manager is responsible for setting costs in an organization. The budget and accumulated expenses in this category is carefully documented by him/her to present to his supervisors and audit team

This documentation is called a managerial cost report.

managerial cost report is a comprehensive report prepared by the manger to reflect the budget and expenditure for raw material costs, overhead costs, labor and any other operating cost that the manager is responsible for.  

Answer 2

Answer:

Responsibility accounting performance report.

Explanation:

Here, the responsibility accounting performance report is defined to be a budget that compares actual and budgeted amounts of controllable costs for a department and its manager. The responsibility accounting performance report collects all of the responsibility accounting budgets made for each department and summaries them in one large report.

It is designed to measure the performance of managers in terms of controllable costs.

Assigns responsibility for costs to the appropriate managerial level that controls those costs.

Should not hold a manager responsible for costs over which the manager has no influence.

Can be applied at any level of an organization.