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JAMB Principles of Accounts 1998 Question 3

Question 3

Manufacturing Accounts

Responsibility accounting is particularly concerned with

  1. A.historical accounting
  2. B.controllable costs
  3. C.storekeeping
  4. D.valuation of stock.
Show the answer and explanation

Answer: B (controllable costs)

Explanation

Responsibility accounting holds each manager responsible only for the costs he can control.