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The concepts and tools used to measure the performance of people and departments are known as responsibility accounting
Responsibility accounting is a form of management accounting that scrutinizes all the budgetary, managerial, and internal accounts of a company. The aim is to streamline the planning, budgeting, and accountability mechanisms of the company.
It gauges the performance of all employees and departments of the organization. Reports are prepared on a monthly or annual basis.
Responsibility accounting has several advantages. One is that it enforces transparency and accountability in the organization. It allows a robust review and audit process to identify bottlenecks and areas for improvement.
To learn more about responsibility accounting: brainly.com/question/22779164
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