YOUR LEARNING ASSISTANCE
Responsibility accounting is a management control system that divides an organization into smaller units, each of which is responsible for achieving specific goals and objectives. Under this system, each unit is assigned a set of responsibilities that are clearly defined and measurable, and each unit is held accountable for meeting those responsibilities.
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Cash flow management is the process of monitoring, analyzing, and optimizing the inflow and outflow of cash in a business or personal finance context. It involves managing the cash resources of an entity in a way that ensures the entity can meet its financial obligations in a timely manner, while also maximizing the use of available cash to generate revenue and grow the business.
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Budgeting is the process of looking at a business’s estimated incomes and expenses over a specific period in the future. It allows a business to see if they will be able to continue operating at their predicted level with these projected incomes and expenditures.
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Activity-based budgeting is often used in cost accounting. Managers make budgets and spending recommendations based on past production activities. Management examines the costs of performing particular activities, like bending a fender for a car, to budget the overall costs of manufacturing a product.
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Incremental budgeting is a budgeting process that is based on the idea that a new budget can best be developed by making only some marginal changes to the present budget.
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