Showing posts with label Accounting Information System. Show all posts
Showing posts with label Accounting Information System. Show all posts

What is Responsibility Accounting

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Responsibility accounting is based on the notion that managers should be held responsible for those (and only those) cost/revenue items that the manager can control to a significant extent.
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The principles of Accounting Information System

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Accounting is known as the language of business because it record and reveal business information. The accounting profession has developed standards and rules that universally accepted. This common set of standards is called generally accepted accounting principles (GAAP). In developing generally accepted accounting principles certain basic assumptions are made. These assumption provide a foundation for the accounting process. The main assumptions are-
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