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A cost centre is a department within a business to which costs can be allocated. The term includes departments which do not produce directly but they incur costs to the business, [1] when the manager and employees of the cost centre are not accountable for the profitability and investment decisions of the business but they are responsible for some of its costs.
A responsibility center is an organizational unit headed by a manager, who is responsible for its activities and results. [1] In responsibility accounting, revenues and cost information are collected and reported on by responsibility centers.
Cost allocation is a process of providing relief to shared service organization's cost centers that provide a product or service. In turn, the associated expense is assigned to internal clients' cost centers that consume the products and services. For example, the CIO may provide all IT services within the company and assign the costs back to ...
Cost centers, like revenue centers, only monitor costs, thereby making them a counterpart to the revenue center. [3] Revenue centers only measure the output (in fiscal standings) and are therefore marketing establishments which are exempt from profit generation and accountability thereof. [ 4 ]
Cost center may also refer to: Cost Sports Center , the indoor athletic facility often referred to by the same name Cost centre (business) , the part of an organization that does not produce direct profit and adds to the cost of running a company
This means that the manager is accountable for driving the sales revenue generating activities which lead to cash inflows and at the same time controlling the cost-generating activities. This makes the profit center management more challenging than cost center management. Profit center management is equivalent to running an independent business ...
For nearly 50 years, the Centre Pompidou in Paris attracted millions of visitors with its incredible inside-out architecture, famous artworks and free rooftop view. Now it’ll be off-limits for ...
Cost engineering is "the engineering practice devoted to the management of project cost, involving such activities as estimating, cost control, cost forecasting, investment appraisal and risk analysis". [1] "Cost Engineers budget, plan and monitor investment projects. They seek the optimum balance between cost, quality and time requirements." [2]