Work Nature

  • Cost accounting is an accounting method that aims to capture a company's costs of production by assessing the input costs of each step of production as well as fixed costs, such as depreciation of capital equipment.
  • 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.
  • Construct data accumulation systems for a cost accounting system
  • Create and review the controls needed for data accumulation and reporting systems
  • Update standard costs in the bill of materials
  • Review standard and actual costs for inaccuracies
  • Validate the cost of goods sold as part of the month-end close
  • Accumulate and apply overhead costs as required by generally accepted accounting principles
  • Work with the materials review board to locate and dispose of obsolete inventory
  • Report on periodic variances and their causes, focusing in particular on spending variances
  • Analyze capital budgeting requests 

Key Skills

  • Microsoft Office
  • SAP SAP Financial Accounting and Controlling (SAP FICO)
  • Windows Operating System General Use
  • Cost Accounting

Occupations

  • Cost Consultant
  • Cost Estimator
  • Cost and Risk Analysis Manager
  • Estimator
  • Estimator Project Manager
  • Preconstruction Manager
  • Cost Accountant
  • Cost Analyst
  • Financial account

Career Analysis

1 Fees
Low
2 Demand
High
3 Salary
High
4 Level Of Preparation
High

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