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Performance Evaluations and Accounting Function

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Both financial information and non-financial information is used to measure performance for product lines, divisions, and individuals associated with the business. Reflect on using financial information to evaluate performance in for a business segment and a manager in charge of a business segment.

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Accounting was developed to record and summarize transactions and for control purposes. How is accounting used today, other than for its original intent? Is financial information a good tool for performance evaluations (individual and organizational)? If so, do you advocate a specific format? If not, what do you suggest?

Please provide factual information (not merely opinions) backed up by details or examples. Your comments should be in your own words and Include references in APA format.

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Solution Summary

This solution of 279 words discusses three main ways in which the accounting function has changed in performance evaluations. Reference used is included.

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1. Accounting has had some major shifts over the past few years. Accounting has expanded from bean counting with limited purpose, to having a much greater use and bigger role in business decisions. Accounting today consists of analyzing the numbers and the business environment and then telling management a more accurate assessment of how the company is performing, has performed in the past and steps that could be taken to improve for the ...

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