Class Activity 1: complete the following table for Responsibility Centres \begin{tabular}{|l|l|l|l|l|} \hline What is it? & \multicolumn{1}{|c|}{ Cost centre } & \begin{tabular}{c} Revenue \\ centre \end{tabular} & \begin{tabular}{c} Profit \\ centre \end{tabular} & \begin{tabular}{c} Investment \\ centre \end{tabular} \\ \hline & \begin{tabular}{l} Part of the business fro \\ which costs are identified \\ and recorded \end{tabular} & & \\ \hline \begin{tabular}{l} Where might it be \\ found? \end{tabular} & \begin{tabular}{l} Any production or service \\ location, function, activity, \\ item of equipment \end{tabular} & & \\ \hline \begin{tabular}{l} How is performance \\ measured? \end{tabular} & \begin{tabular}{l} Have cost targets been \\ achieved? \end{tabular} & & \\ \hline \begin{tabular}{l} What are the \\ manager's \\ information needs? \end{tabular} & \begin{tabular}{l} Costs incurred and charged \\ to the cost centre \end{tabular} & & \\ \hline Example & \begin{tabular}{l} Audit, tax, accountancy \\ departments in an \\ accounting firm \end{tabular} & & \\ \hline \end{tabular}