A responsibility report should
a) show only those costs that a manager can control.
b) be prepared in accordance with generally accepted accounting principles.
c) only show variable costs.
d) only be prepared at the highest level of managerial responsibility.
Answer: a) show only those costs that a manager can control.
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U.S. GAAP requires firms holding minority, passive investments in debt and equity securities as securities available-for-sale that the firm intends to sell within one year to report them as
a. Investments in Securities in the Current asset section of the balance sheet. b. Investments in Securities in the Long-term asset section of the balance sheet. c. Marketable Securities in the Current asset section of the balance sheet. d. Marketable Securities in the Long-term asset section of the balance sheet. e. none of the above
In states that follow the community property tradition, property acquired after the marriage belongs solely to the party who acquired it
Indicate whether the statement is true or false