Responsibility Accounting

Question

15 Apr 2024

Answer :

Word Count : 296

Responsibility accounting is a crucial concept in management accounting that focuses on assigning responsibility for costs, revenues, and other aspects of performance to various segments or individuals within an organization. The objective is to hold managers accountable for the resources under their control and to evaluate their performance in achieving organizational goals.

Key components of responsibility accounting include:

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Equity share capital	2,50,000
9% Preference share capital	2,00,000
12% Debentures	1,20,000
General Reserve	20,000
Sales	4,00,000
Opening stock	24,000
Purchases	2,50,000
Wages	15,000
Closing stock	26,000
Selling and Distribution Expenses	3,000
Other current assets	1,00,000
Current liabilities	75, 000

Division
	A	B	C
Contribution (Rs.) Investment (Rs.) Sales (Rs.)	50,000	50,000	50,000
	4,00,000	5,00,000	6,00,000
	24,00,000	20,00,000	16,00,000
No. of employees	22,500	12,000	10,500