Four generic types of financial responsibility centers

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Reference no: EM132289248

1. Which of the following is correct? Financial accounting

Helps managers plan and control business operations

Undergoes an annual independent audit by certified public accountants (CPA)

Is concerned about how reports will affect employee behavior

Creates detailed reports on parts of the company (products, customers, departments,…) often on a weekly, or monthly basis

2. Which of the following is correct? Management accounting

Helps investors, creditors, and others to make investment, credit, and other decisions o Has to strictly follow accounting standards (US-GAAP, IFRS, HGB)

Also focuses on the future

Creates summary reports for individual Responsibility Centres to enable their managers better control of their organizational units.

3. Please explain the four generic types of financial responsibility centres (CC counting as one!) and the differing managerial responsibilities of their managers.

4. Traci is the warehouse manager for a company that sells books over the Internet. Traci alternates employees' work assignments among order printing, order picking, packaging and inventory taking. Lately, Traci has observed one of the warehouse employees trying to push his way to the inventory-taking task out of turn. Traci meets with the employee and asks him to put the effectiveness of the team ahead of his own interests. Traci is using the conflict resolution technique of __

a. compromising

b. avoiding

c. accommodating

d. collaborating

5. Which of the following components includes the cost, quality and flexibility dimensions that a business currently possesses and is able to deliver upon?

a. Time-based competition

b. Low-cost operations

c. Competitive capabilities

d. Competitive priorities

Reference no: EM132289248

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