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

Can yoga be a career path? What career prospects are there for a yoga practitioner?

Yoga began with the very first dawn of civilisation. Lord Shiva is believed to be the originator of Yoga and then transferred his knowledge of it to h .. read more

Which is the courses I can do after the 10th but in courses I don't want maths

Hello Avantika,  Assuming that by course you mean the stream you could opt for in the 11th and 12th. Please note you could opt for either ARTS or .. read more

counselling required for carrer after 12 hsc.

Hello Jugg,  Wish you had mentioned the stream you have pursued 12th from. It would have then been stream specific. Right now mentioning the opti .. read more

Hi sir myself Amruta Just gaveLast year exam nd finding out a job .I would also like to study further but the problem is im confused what carrer nd which profile job should i choose.while studying i have worked as a receptionist and as a fundraiser also

Hello Amruta,  Interesting. You seem to be a hardworking person. But if you had mentioned your graduation degree course and what kind of a job yo .. read more
Most Popular

I have passed 12th with 74% mark. I have choice to join BTech or BSc physics. kindly suggest me what should I choose out of the 2. i am flexible with my career profile as an engineer or as a lecturer.

Hi Rashmi, First of congratulations on your percentage, you have done well. And thank you for sharing your concern with other community members, who w .. read more

What is the procedure to join Merchant Navy

just go to vchelps.tk now. it will definitely help u. be happy .. read more

What is the procedure to join Indian Navy after class 12th

just go to vchelps.tk now. it will definitely help u bro. be happy .. read more

I am a commerce graduate and confused between various options like cfa, mba, and job. What should I choose?

Hi Kirti  As I understood.. You have already secured a job and if thats with EY then thats great.You should consider a few things before taking a .. read more