The correct option is C. Responsibility accounting holds managers responsible for only the costs that they can control. Accounting for responsibility holds managers accountable for the income and costs they are in charge of. Responsibility accounting is the practice of gauging top management's performance based on the choices made by lower-level managers.
Cost centers are accountability centers that only concentrate on costs. Responsibility centers that only concentrate on controllable costs are known as discretionary cost centers. Centers of responsibility with a revenue focus are revenue centers. Profit centers are accountability hubs that prioritize revenues and costs.
A type of management accounting called responsibility accounting is in charge of a company's internal accounting, budgeting, and management functions. The main goal of this accounting is to assist all of a company's planning, costing, and responsibility centers.
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