What might be the purpose of the Responsibility Accounting system? Accounting is the process of recording financial transactions about a business. The accounting process includes summarizing, analyzing, and reporting these transactions to oversight agencies, regulators, and tax collection entities. Responsibility accounting involves the internal accounting and budgeting for each responsibility center within a company. Responsibility accounting is a kind of management accounting that is accountable for all the management, budgeting, and internal accounting of a company. The primary objective of this accounting is to support all the Planning, costing, and responsibility centers of a company. The objective of responsibility accounting is to assist in the planning and control of a company's responsibility centers. A responsibility accounting system provides information to evaluate each manager on the revenue and expense items over which that manager has primary control (authority to influence.

Abhijith S

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