What are the differences in responsibility, authority, and accountability?
What will be an ideal response?
Responsibility means that a person is assigned a task that he or she is supposed to carry out. When delegating work responsibilities, the manager also should delegate to the subordinate enough authority to get the job done. Authority means that the person has the power and the right to make decisions, give orders, draw on resources, and do whatever else is necessary to fulfill the responsibility. As the manager delegates responsibilities, subordinates are held accountable for achieving results. Accountability means the subordinate's manager has the right to expect the subordinate to perform the job, and the right to take corrective action if the subordinate fails to do so. The subordinate must report upward on the status and quality of his or her performance.
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Luis' company is about to launch a new product line of environmentally friendly cleaning products. It is hoping that this product line will offset the risks associated with the acquisition of a small, but debt-laden company in the last quarter. The new product line is an example of:
A) Greenwashing B) Green marketing C) Sustainability D) Eco-insurance E) Token response
Only entries that affect cash may be recorded directly in the general ledger
Indicate whether the statement is true or false
The successful efforts method places only exploration and production costs of successful wells on the balance sheet under property, plant, and equipment
Indicate whether the statement is true or false
In a statement of cash flows, interest payments to lenders should be classified as cash outflows for
a. operating activities. b. financing activities. c. investing activities. d. lending activities. e. exchange transactions.