The control of activities is an important task to be carried out in a business. Unless and until the functions of a business are not scrutinized and checked for regarding the proper functioning, the business cannot be carried out properly. The best and the most appropriate way to check the proper working of the business is to check the budgets. The budgets give a detailed analysis of the situation of the business in a quantitative manner.
The budgetary control refers to the setting up of standards and targets regarding the income and expenditure, that are to be achieved by the business processes in a stipulated time. If these targets are not achieved then it’s the responsibility of the budgetary control only to look after the reasons of non-achievement of goals, take measures to correct it and look after the efficiency of workers. This includes continuous monitoring and adjusting the performance accordingly. Budgetary control gives a detailed analysis of the functions of the business and that too in a quantitative manner which is helpful in making comparisons.
The budgetary control is usually a bulky task. It is not an easy task to handle such a big business all alone. For this purpose, the responsibility of controlling is delegated to several small departments who handle their own departments and help in the maintenance of efficiency in the business. These small centers are known as the Responsibility Centers which look after the working of their own department and report accordingly. This is a better way to manage a business as no single department gets left out of the scrutiny.
Thus, Responsibility Accounting is a managerial tool which helps the managers to look after the proper working of their concerned department. Usually there are 4 kind of Responsibility Centers:
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The Responsibility Accounting is completely related to the controllability concept. But it also states that the manager must be held responsible only for that part which he can control. Almost all the functions of a business are controllable. Sometimes the functions at the lower level become non-controllable. Thus the Manager must be held responsible only for what he can control.
The Responsibility Accounting takes help of Standard Costing on a large to draw the various variances. Standard costing helps in the ascertainment of differences in the actual working of the business and the planned performance. This helps in making comparisons.
Often Budgetary Control is misinterpreted as Budgetary Control or vice versa, whereas they both are different from each other.
The process of responsibility accounting is mainly concerned with the communication. The communication needs to be effective. The steps of responsibility accounting are:
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The Responsible Accounting is a vital part of the association. The advantages of Responsible Accounting are:
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