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Essay / Research Paper Abstract
An 8 page paper discussing tools of financial and management accounting that can contribute to enhanced financial accounting. Bibliography lists 16 sources.
Page Count:
8 pages (~225 words per page)
File: CJ6_KSacctPerf.doc
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Unformatted sample text from the term paper:
Accounting for funds is a regulated activity that requires reporting according to prescribed patterns. Accounting firm Rackers & Fernandez explains that "A performance accounting system is a
mechanism for capturing and reporting performance indicators on a real-time basis" (What is Performance Accounting? 2009). Financial and management accounting often exist with the appearance of separateness, but sound
management accounting translates to improved performance in accounting for funds. Analysis of Variance One of the traditional accounting tools is variance analysis, which
is the examination of what was expected compared to what actually occurred. It combines forecasting and examination past events, both of which are valuable activities. One problem arises
with forecasting, which assesses future events and conditions, when the future always is uncertain. Another is the allocation of costs; what seems to be straightforward not always is.
Variance analysis is the process of seeking causes for variances between expected (i.e., standard) costs and actual costs. A favorable variance is that
in which actual costs are lower than expected costs; in an unfavorable variance the actual costs are more than expected costs. The information resulting from variance analysis is useful
in future planning and controlling costs, and it may be useful in evaluating performance. It certainly directly relates to the organizations financial accounting. Though one of the most
valuable aspects of variance analysis is the information that results from it, Emsley (2000) observes that the created information often is "discarded once managers have explained the variance to superiors"
(p. 1). Walker (2005) presents a scenario to which she applies variance analysis. Though variance analysis techniques can be used in any
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