Accounting Cost Pools
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1. Explain the responsibility of the accounting department.
2. What is one advantage of having 2 costs pools (one for fixed costs and one for variable costs) for each service department?
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Solution Summary
The response provides you a structured explanation of accounting department, and the key advantage of having fixed and variable cost pools in a service organization. It also gives you the relevant references.
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1.
The responsibility of accounting department is to provide accounting services and financial support to the company it belongs to, The department has the responsibility of recording every financial transaction including inventory, payroll, accounts receivable/payable, revenues, assets, expenses, and liabilities(1). The accounting department summarizes the accounts and prepares the financial statements that reflect the financial performance and position of the firm.
The responsibility of the accounting department is to record, process, and report the financial position of the business at any point ...
Education
- BSc , University of Calcutta
- MBA, Eastern Institute for Integrated Learning in Management
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