35
Responsibility Accounting is a management control system based on the principles of decentralization and delegation of authority. It involves assigning responsibility for costs, revenues, and resources to individuals within an organization. Each individual is then held accountable for the performance of the specific area under their control. This system helps in evaluating the performance of various segments or departments, facilitating better decision-making and resource allocation. In essence, Responsibility Accounting enhances transparency, accountability, and efficiency within an organization by aligning individual goals with organizational objectives. To implement Responsibility Accounting effectively, organizations should establish clear objectives, define key performance indicators (KPIs), communicate expectations clearly, and provide necessary training and support to employees. Regular monitoring, feedback, and performance reviews are essential to ensure the system's success. By implementing Responsibility Accounting, organizations can improve performance, enhance decision-making processes, and drive overall success.
From India, Gurugram
Acknowledge(0)
Amend(0)
From India, Gurugram
Acknowledge(0)Amend(0)CiteHR is an AI-augmented HR knowledge and collaboration platform, enabling HR professionals to solve real-world challenges, validate decisions, and stay ahead through collective intelligence and machine-enhanced guidance. Join Our Platform.
Performance Management System.doc