Indicate whether each of the following statements is true or false.Cost centers tend to be found in the upper levels of a company's organization chart. ______Managers of investment centers are accountable for assets, liabilities, and earnings. ______Responsibility reports are prepared only for the top-level managers of a business because they are responsible for the business as a whole. ______Responsibility reports often show actual and budgeted revenues and expenses and the amounts of any variances. ______Responsibility accounting reports are arranged using the management by exception approach. ______
What will be an ideal response?
Cost centers tend to be found in the upper levels of a company's organization chart. F
Managers of investment centers are accountable for assets, liabilities, and earnings. T
Responsibility reports are prepared only for the top-level managers of a business because they are responsible for the business as a whole. F
Responsibility reports often show actual and budgeted revenues and expenses and the amounts of any variances. T
Responsibility accounting reports are arranged using the management by exception approach. T
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