运用方差分析监管应收账款[外文翻译]

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1、外文翻译MonitoringAccountsReceivableUsingVarianceAnalysisMaterialSource：FinancialManagementAuthor：GeorgeW.GallingerandA.JamesIfflanderI.IntroductionInthepasttenyears,severalarticleshaveappearedintheliteraturediscussingthemonitoringofaccountsreceivable.With

2、fewexceptions,however,themonitoringtechniquesproposedinthesearticleshavenotbeenincorporatedintothestandardtextbookdiscussions.Therefore,itisnotsurprisingthatthetraditional,andoftenmisleading,techniquesofdayssalesoutstanding(DSO)andagingschedulesstillap

3、peartobetheprimaryvehiclesusedbyanalyststoevaluateafirm'saccountsreceivablebalance.AsdiscussedbyStone,manyanalystsrecognizethatreceivablescanbeinfluencedbysaleseffects,andtheyattributethistoseasonalorcyclicalfactors.Theyattempttoeliminate,oratleastmini

4、mize,theseeffectsbycomparingcalculatedDSOratiosandagingschedulesagainstthoseofhistoricalperiodsorthoseofcompetitors.However,thisapproachmaynotbeverysatisfactory.Historyseldomrepeatsitselfexactly,becauseofchangesinthelevelofinterestrates,customermix,and

5、manyotherfactorsthatmakeitdifficulttomakemeaningfulcomparisons.Inthecaseofcompetitors,itisdifficulttomakecomparisonsbecauseofdifferencesinsize,productmix,andgeographiclocationsofcompanies.OnewaytoovercometheseproblemsistoabandonDSOmeasuresandagingsched

6、ulesandrelyonbalancefractionsorpaymentpatterns.Anotherapproachistouseanaccounting-baseddollarvarianceanalysismodelasdiscussedinthisarticle.Thevarianceanalysismodelcomparesactualagainstbudgetedreceivableperformance.Arealadvantageofusingabudgetisthatitca

7、novercomethemanyproblemsinherentinhistoricaldata.Assumingthatmanagementhasconscientiouslycalculatedthebudgetamounts,thenconditionsexpectedtoexistduringthebudgetperiodareincorporatedintotheaccountsreceivablebudget.Thisisobviouslybetterthancomparingactua

8、lperformancetosomepriorperiodthatmaynotberepresentativeofconditionsprevailingduringthebudgetperiod.Additionaladvantagesofavariancemethodologyareasfollows:First,errorsinsalesprojectionsandcollectionsforecastsarereadilyevident.Thisprovide