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Performance reports is a detailed statement that measures the results of some activity in terms of its success over a specific time frame. For example, an annual performance report might be produced for each employee of a business, or such a report might help management assess the success of a project or product and how well budgetary constraints were adhered to. This chapter will help students understand responsibility accounting and objective of responsibility accounting. | Chapter 8 Performance reports 8- Performance reports Responsibility accounting: A management accounting system that encourages individuals to work together towards the achievement of organisational goals. Performance reports: A yardstick which compares actual results with the budget. 8- Responsibility accounting Where each division, branch or other sub-unit is known as a responsibility centre, the manager of which is accountable for the performance of the sub-unit. Responsibility centers: Cost centre Revenue centre Profit centre Investment centre 8- Performance reports show any variance that may arise when actual figures are compared with budget figures. Favourable variance (F) means that actual income is >budgeted income or actual cost is budgeted cost. 8- Significant variances (exceed an acceptable limit) are investigated by the manager of the organisational . | Chapter 8 Performance reports 8- Performance reports Responsibility accounting: A management accounting system that encourages individuals to work together towards the achievement of organisational goals. Performance reports: A yardstick which compares actual results with the budget. 8- Responsibility accounting Where each division, branch or other sub-unit is known as a responsibility centre, the manager of which is accountable for the performance of the sub-unit. Responsibility centers: Cost centre Revenue centre Profit centre Investment centre 8- Performance reports show any variance that may arise when actual figures are compared with budget figures. Favourable variance (F) means that actual income is >budgeted income or actual cost is budgeted cost. 8- Significant variances (exceed an acceptable limit) are investigated by the manager of the organisational sub-unit.What is considered significant varies from business to business. Reasons for variances are numerous but fall into two main groups: 1. are a result of external factors that management have no control over, and 2. are a result of internal factors that management maybe able to change. 8- Objective of responsibility accounting Management by exception means that an appropriate person is notified when there is a significant deviation from plan. Performance reports highlight the areas that need attention. Major objective is to ensure that the set targets are achieved at all costs, not trying to find who is to blame. 8-
