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Essay / Research Paper Abstract
A 5 page paper discussing cost accounting, specifically absorption costing and variable costing. Activity-based costing also is included, as is a section on accounting ethics. Bibliography lists 6 sources.
Page Count:
5 pages (~225 words per page)
File: CC6_KSacctCost.rtf
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Unformatted sample text from the term paper:
to provide information that enables effective business decision-making. There are two broad divisions in accounting: financial and management (Horngren, Sundem and Stratton, 2002); the purpose here is to consider
approaches to management accounting. Management Accounting Horngren, Sundem and Stratton (2002) state that budgeted "goals and performance are generally a better basis for
judging actual results than is past performance" (p. 271). If a manufacturer had sales of $100 million in a year following sales of $80 million during the previous year,
then the increase can appear to be gratifying and positive but "may or may not indicate that the company has been effective and has met company objectives" (Horngren, Sundem and
Stratton, 2002; p. 271). An operations budget can specify efficiency targets - manufacturing costs will be 65 percent of sales, as example -
which the companys management can review for performance after the fact. Horngren, Sundem and Stratton (2002) state that judging performance on the basis of past performance can mask inefficiencies
in processes, but that assessing performance on the basis of a budget may highlight those inefficiencies so that they can be rectified in the future.
Every plant manager and retailer understands that overhead, labor and the cost of materials combine to create the final cost of production of an item. It has
been a standard measurement for decades, yet it has only been rather recently that the information has been used for strategic decisions involving finance, sourcing and even environmental compliance. Activity-Based
Costing One of the "newer" tools that has worked to supplant variance analysis is activity-based costing (ABC). Horngren, Sundem and Stratton (2002)
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