Explain the meaning of responsibility accounting.
In responsibility accounting, a specific manager is given the responsibility for a particular aspect of the budget, and within the budgetary control system, he or she is often made accountable for actual performance. Managers are therefore made accountable for their area of responsibility.
Responsibility accounting is based on the application of the controllability principle: a manager should be made responsible and accountable only for the costs and revenues that he or she is in a position to control.
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Explain what is meant by standard costing
Explain what is meant by a standard cost
Describe four types of standard.
Explain what is meant by a standard hour.
Give five possible sources of information from which a standard materials price may be estimated.
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