Creating a Responsibility Report for a Cost Center

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

A responsibility report for a cost center takes each _____ from the budget and shows the real figures.

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1. What is the main objective of a cost center?

2. What does a favorable variance mean for a cost center manager?

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About This Quiz & Worksheet

Test your knowledge of the function, information within, and composer of responsibility reports with this quiz and worksheet.

Quiz & Worksheet Goals

Questions focus on:

  • Cost center's main objective
  • Difference of subtracting the company's variable costs from its total sales
  • Desired margin for a cost center manager

Skills Practiced

  • Information recall - access the knowledge you've gained regarding what should happen if cost are kept down by cost center management
  • Reading comprehension - ensure that you draw the most important information from the lesson on cost center responsibility reports
  • Knowledge application - use your knowledge to identify who composes the responsibility report

Additional Learning

Learn about responsibility reports by completing the lesson titled Creating a Responsibility Report for a Cost Center. The objectives covered include:

  • Define contribution margin
  • Understand controllable margin
  • Know why responsibility reports are helpful
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