However, the shareholder representative did also acknowledge that external factors had contributed to Exciteco's poor performance in the last year and suggested that it would be useful if Exciteco's performance reports distinguished between variances which had resulted from its own operational performance as opposed to external circumstances which could not have been anticipated when the budgets were produced. You noted that many organisations address this issue by analysing variances into planning and operational elements. Prepare a report that deals with the following: Critically discuss key concepts, features and importance of cost accounting, Evaluate the weaknesses in Exciteco's current budgeting system and whether it is suitable for the environment in which Exciteco operates. Evaluate the extent to which Exciteco's poor performance for the last year can be attributed to external factors. Discuss the potential benefits to Exciteco of analysing variances into planning and operational elements. Submission and delivery: 1x essay (2000 words excluding budget)