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Raman kumar Garg

What are the main work and responsibilities of a Cost Accountant?

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by Raman kumar Garg
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RE: What are the main work and responsibilities of a Cost Accountant?

Ravi Thakor
Ravi Thakor
Verified Career Expert
Business Analyst at Capital Novus
  • Ahmedabad

Hi Friend,


Thank you very much for coming on this platform with your current queries, we at MCG try to help you solve your problem by giving you the best advise suitable for you.

Before going further let me just brief you with the Cost Accountant.

Cost accounting is a process of collecting, analyzing, summarizing, and evaluating various alternative courses of action. Its goal is to advise the management on the most appropriate cause of action based on the cost efficiency and capabilities. Cost accounting provides the detailed cost information that management needs to control current operations and plan for the future.

since the managers are making decisions only for their own organizations, there is no need for the information to be comparable to similar information from other organizations, instead information must be relevant for a particular environment. Cost accounting information is commonly used in financial accounting information, but its primary function is for use by managers to facilitate making decisions.

  • BASIC FUNCTIONS

The cost accountant position is accountable for the ongoing analysis of process, constraints, target costing projects, margin analysis, and tracing costs back to underlying activities. The Cost Accountant must also construct and monitor those cost-effective data accumulation systems needed to provide an appropriate level of costing information to management.

  • PRINCIPALACCOUNTABILITY

DATA COLLECTION

  1. Construct data accumulation systems for a cost accounting system.
  2. Create and review the controls needed for data accumulation and reporting sustems.

INVENTORY

  1. Coordinate physical inventory counts and cycle counts.
  2. Investigate cycle counting variances and resolve issues.
  3. Update standard costs in the bill of materials.
  4. Review standard and actual costs for inaccuracies.
  5. Validate the cost of goods sold as part of the month-end close.
  6. Accumulate and apply overhead costs as required by generally accepted accounting principles.
  7. Work with the materials review board to locate and dispose.

ANALYSIS

  1. Conduct ongoing process constraint analysis.
  2. Report on break-even points by products, work centers, and factories.
  3. Report on margins by product and divisions.
  4. Report on periodic variance and their causes, focusing in particular on spending variances.
  5. Analyze capital budgeting requests.
  6. Perform Cost accumulation task as a member of the target costing group.


  • WORKING CONDITIONS

The cost accountant generally works in an office environment, but is expected to be highly familiar with all production operations, and to regularly visit all significant company operations.

I hope the answer is satisfying your question.

I wish you all the very best and good luck for your future and career.

thanks
Ravi
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