Raman kumar  Garg

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

I am looking for a descriptive answer

by Raman kumar Garg
1 answer
| Share :

1 answer

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

In order to post replies to the question: "What are the main work and responsibilities of a Cost Accountant?"

Post Reply

Latest ANSWERS

i wanted to be a pilot but because of lack of money i couldnt be pilot,now im thinking for enggineering but i aint sure aboutand dont wanna be anythng or any goals setup apart from pilot,im scared what do i do in this situation?

Dear Aspirant, Pilot or Aeronautical Engineering courses are definitely costly courses due to the training involved in it. However, you take a loan fr .. read more

how to make career in IPR sector

Dear Aspirant, Intellectual Property Rights (IPR) is an excellent career option in the field of law. There is specialisation available in law courses .. read more

Mam i am 26 year old and doing diploma cse next year i will complete my diploma in may 2017 then i what could i do after completing my diploma, go for btech or job please tell me the right choice for career my email is snabiul@yahoo.com

Dear Aspirant, You are 26 years old already? Didnt you study anything till now? What were you doing till now after 10th std? You seem to have lost val .. read more

What are the opportunities available after passing B.Com?

Since you have completed your graduation in Commerce, I am assuming that you are interested in the field of Accounting and Finance. Here is the list o .. read more
Most Popular

If I start as a Computer Engineer, where should I see myself after five years, given that I keep working in same field?

Hi Swarali, Good question! In 5 years time; if you are working for a large Computer organization; You are likely to end as one of the following; 1. Sp .. read more

Do 12th board marks have any importance in jee mains

Hello, Thanks for Asking...!!   The Union Ministry of Human Resource (HRD Ministry) has decided that Class XII marks will not be a factor for det .. read more

I want to become a Bio Technologist. What is the eligibility criteria for that?

To become a BIO Technologist, Take a science in a high school: You have successfully completion of 10+2 in science After you can opt the graduation co .. read more

What are the off-campus placement opportunities for a Electronics & Communication Engineer student?

being as an engineer there are lot off opportunities , first of all you make a point where you want to build your career 1. software testing 2. softwa .. read more