RESPONSIBILITY ACCOUNTING Definition

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RESPONSIBILITY ACCOUNTING is the collection, summarization, and reporting of financial information about various decision centers throughout an organization; can also be called profitability accounting or activity accounting. It tracks costs, revenues, or profits to the individual managers who are responsible for making the decisions about costs, revenues, or profits and taking action about them.

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EPU see EQUIVALENT UNIT OF PRODUCTION.

ACCOUNTING DIVERSITY is the recognition that many diverse national and international accounting standards exist in the world.

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