Responsibility centers. Elmhurst Corporation is considering changes to its responsibility accounting system. Which of the following statements is/are correct for a responsibility accounting system.
i. In a cost center, managers are responsible for controlling costs but not revenue.
ii. The idea behind responsibility accounting is that a manager should be held responsible for those items that the manager can control to a significant extent.
iii. To be effective, a good responsibility accounting system must help managers to plan and to control. iv. Costs that are allocated to a responsibility center are normally controllable by the responsibility center manager
1. I and II only are correct.
2. II and III only are correct.
3. I, II, and III are correct.
4. I, II and IV are correct.
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