Question: Financial results control systems have three core elements Explain more for the below core elements - Financial responsibility centers The apportioning of accountability

Financial results control systems have three core elements

Explain more for the below core elements 

 

- Financial responsibility centers

• The apportioning of accountability for financial

results within the organization.

 

- Formal management processes

(planning & budgeting)

• To define performance expectations and

standards for evaluating performance.

 

- Motivational contracts

• To define the links between results and various

organizational incentives.


Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

1 Financial responsibility centers Financial responsibility centers are organizational units or depa... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...

Q:

Provide 3 questions for each Independent Variable in this research shown below, these questions must be taken from previous research and studies and must not be created from your own experience, so I...

Q:

Read the following article and answer the questions below: Building Competitive Advantage Through People Magazine: Winter 2002Research Feature January 15, 2002 Reading Time: 23 min Christopher A....

Q:

I'm willing to take this before the 19th of may. PROFESSIONAL ISSUES When a company looks too good to be true, it usually is. ; i - I The Rise and Fall of Enron BY C. WILLIAM THOMAS f you''re like...

Q:

Hi, I've talked to you earlier that you know the answers for the Enron case. Is it possible to get this done by afternoon of Wednesday at best. If not I'm also willing to take this on a Friday....

Q:

Based on the following Case study on LEGO Answer the following 4 questions. 1. What are LEGO's values and corporate identity? (/3) How did these develop over time (prior to LEGO Media Int'l)? 2. How...

Q:

8.The FPP also included internal audit requirements. Do you think it is necessary to have a claims auditor and an internal audit function? To whom should the internal auditor report? What activities...

Q:

Responsibility Center Presentation Imagine you have been selected by your manager to present a training session to a group of new employees. The new hires do not have accounting backgrounds and have...

Q:

Q1)Using the fraud triangle, identify fraud risk factors that were present in the Le-Nature's case. Q2)What implications did these factors have for the reliability of Le-Nature's accounting and...

Q:

Skills assessment Appendix 1 - Simulation pack Criteria Unit code and name BSBPMG423 | Apply project cost management techniques (Release 1) Qualification/Course code and name BSB40920 | Certificate...

Q:

Draw the shear and moment diagrams for the beam. Units Used: kip = 103 lb Given: F = 2000 lb w = 500lb/ft a = 9 ft b = 9 ft B.

Q:

Findings by Fama and French that stocks with high Book Value to Market Price ratios tended to produce larger risk adjusted returns than stocks with low Book Value to Market Price ratios challenge the...

Q:

Convert the annual series of $ 1 8 , 5 0 0 over times 1 to 6 to its present value, at i = 1 1 % ? year. Answer

Q:

Suppose that we have assumed the straight-line regression model Y = BO + B1X1 + but the response is affected by a second variable x2 such that the true regression function is E(Y) = BO + B1X1 + B2X2...

Q:

Consider the no-intercept model Y = Bx + E with the Es NID (0, 2). The estimate of 2 is s2 = (yi Bxi) 2 / (n 1) and v(B) = 2 / = 1x2/i (a) Devise a test statistic for H0: B = 0 versus H1: B...

Q:

Suppose we wish to fit a regression model for which the true regression line passes through the point (0, 0). The appropriate model is Y = Bx = E. Assume that we have n pairs of data (x1, y1), (x2,...

Q:

Use a financial option model to estimate the value of the growth option. MINI CASE Assume that you have just been hired as a financial analyst by Tropical Sweets Inc., a mid-sized California company...

Q:

For the brake in Prob. 161, consider the pin and actuator locations to be the same. However, instead of 120, let the friction surface of the brake shoes be 90 and centrally located. Find the maximum...

Q:

6 Theory of Machines 5. A shaft carries five masses A, B, C, D and E which revolve at the same radius in planes which are equidistant from one another. The magnitude of the masses in planes A, C and...

Q:

Why does empathy matter in the workplace, and how would it benefit the organization and its members?

Q:

Which of the four features of cognitionmental representation, processing speed and habits, decision-making and problemsolving, or socio-emotional intelligencedo you consider most important and why?...

Q:

University Healthcare System (UHS) has been a major player and been successful for over 100 years in a large west coast metropolitan area. It operates an EMS system, is a Level 1 trauma facility, is...

Q:

Pick 4 Lottery The dotplot below depicts individual digits selected in the Pick 4 lottery from different states. Can the original list of individual sample digits be identified? Can the sample data...

Q:

We could use these values to test some claim. What is the difference between estimating and hypothesis testing?

Q:

Finding Critical Values In constructing confidence intervals for s or s2, Table 4 in Appendix: Tables can be used to find the critical values x2 L and x2 R only for select values of n up to 101, so...