ACCT 6004: Learning Outcomes and Cost Statements

This assignment critically examines the learning outcomes of ACCT 6004, an accounting course, assessing their alignment with job descriptions for various accounting roles. It argues that while current learning outcomes are generally relevant, the curriculum should include preparing cost statements as a key skill beneficial to manufacturing organizations and management decision-making.

Running Head: MANAGEMENT
Management
Name of the Student:
Name of the University:
Authors Note:

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Table of Contents
Data Collection:...............................................................................................................................2
Data analysis:...................................................................................................................................7
Final report:.....................................................................................................................................9
Part 1:...............................................................................................................................................9
Part 2:.............................................................................................................................................10
Most skills that are required for the position.............................................................................10
Requirement of the knowledge and skill...................................................................................10
Least common skill and knowledge..........................................................................................11
Challenges faced by Management accountant:..........................................................................11
Alignment with the learning outcomes......................................................................................12
Reflection on the research.........................................................................................................12
References:....................................................................................................................................13

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Data Collection:
N
o.
Position
title
Sector or
Industry
Position
descriptio
n
Date
listed
Website Address Search
words or
phrases
1 Manage
ment
service
provider
Employment
service
provider
(Milton,
NSW)
Prepare
financial
report,
budgeting,
Financial
investigatio
n and
corporate
advice.
25/10/2
017
www.jobsearch.gov.au Manage
ment
jobs
2 Manage
ment
Account
ant
Marshall
McAdam
(Melbourne,
CBD)
Budgeting
and
planning,
maintain
effective
partnering
in business,
analysis of
financial
result and
- www.adzuuna.com.au Account
ant jobs
in
Melbour
ne

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variance
analysis
3 Manage
ment
accounta
nt
Dyson Variance
analysis
and
reporting
packs,
develop
and
implement
process
improveme
nt, ERP
knowledge,
budgeting
and
forecasting
knowledge.
7/11/20
17
www.jobs.dyson.com Accounti
ng Jobs
4 Manage
ment
Account
ant
Cover-More
North
Sydney
Cost
transparenc
y, analysis
and advice,
to enable
14/11/2
017
www.covermore.elmotale
nt.com.au
Jobs in
Sydney

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managers
to make
sound
business
decisions
5 Manage
ment
accounta
nt
Finance and
accounting
(North ryde)
Working
closely
with
multiple
stakeholder
will ensure
that
reporting,
systems,
volumes
and
contracts
24/10/2
017
www.careers.pageuppeop
le.com
Finance
jobs
6 Cost
accounta
nt
Manufacturi
ng cost
accountant
Weekly
and
monthly
sales
reporting,
preparing
11/11/2
017
www.michaelpage.com.a
u
Costing
placeme
nts

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budget,
variance
and trend
analysis
and
exposure to
pricing
7 Cost
accounta
nt
Cost
accounting.
FMCG
industry
Direct
labour
analysis,
assistance
with SAP
implementa
tion,
review and
analysis of
production
- www.michaelpage.com.a
u
Cost
accounta
nts
requirem
ents
8 Cost
accounta
nt
Cost
accountant
Maintenanc
e of
inventory
data,
update
standard
19/10/2
017
www.seek.com.au Costing
jobs

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MANAGEMENT
cost and
review for
inaccuracie
s an
analyze
inventory.
9 Cost
accounta
nt
Cost
accounting,
Aston Carter
company
(blacktown)
Provide
accurate
report,
purchase
price
variance
analysis
and assist
operation
finance
manager
14/11/2
07
www.seek.com.au Cost and
manage
ment
vacancie
s
10 Cost
accounta
nt
Cost
accounting
Forecast
activity,
prepare
estimate
product
cost, set up
31/11/2
017
www.seek.com.au Cost
related
jobs

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new
material
and analyze
changes in
raw
material
Data analysis:
No. Position
title
Position
Requirements
Cost and management
accounting criterion required
for position
Alignment with
learning outcome of
ACCT 6004
1 Managemen
t service
provider
Employment
service provider
(Milton, NSW)
The applicant must have the
requisite professional
qualification.
Understanding in
application of conceptual
framework.
2 Managemen
t Accountant
Marshall
McAdam
(Melbourne,CBD)
Must be a qualified management
accountant.
Understand the
obligation of
compliances with legal
requirements.
3 Managemen
t accountant
Dyson Apart from a qualified accountant,
must also have experience in
providing management
accounting services.
Identification of
challenges within
financial reporting.
4 Managemen Cover-More Cost and management accounting Understanding the

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t Accountant North Sydney knowledge is a must. importance of recording
financial transactions.
5 Managemen
t accountant
Finance and
accounting (North
ryde)
A professionally qualified
accountant.
Should have the skills to
construct financial
statements of the
organization.
6 Cost
accountant
Manufacturing
cost accountant
Qualified cost accountant with
relevant skills and knowledge to
manage records of a
manufacturing organization
(DRURY, 2013).
Should be able to record
the value of financial
transactions.
7 Cost
accountant
Cost accounting.
FMCG industry
Experience of having work in
FMCG industry with appropriate
costing qualifications.
Ability to recognize the
importance of financial
reporting.
8 Cost
accountant
Cost accountant Professionally qualified cost
accountant with necessary skills
and knowledge in recording
financial transactions (Fayard et
al., 2014).
Ability to apply
conceptual framework in
financial reporting.
9 Cost
accountant
Cost accounting,
Aston Carter
company
(blacktown)
Qualified cost and management
accountant with skills to prepare
cost statements for a company.
Ability to recognize the
need for financial
reporting.

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10 Cost
accountant
Cost accounting Qualified accountant with skills
and knowledge in costing and
management.
Ability to calculate and
interpret financial ratios.
Final report:
Part 1:
The job websites where the positions have been found are mainly the following:
I. Jobsearch.
II. Adzuuna.
III. Official website of Dyson.
IV. Covermore.
V. Careers.
VI. Michaelpage.
VII. Seek.com
The jobs in the above websites include jobs from different sectors including Government
organizations, non-government organizations, and corporations. Manufacturing and service
sectors are mainly prevalent in offering jobs to the qualified personnel as compare to any other
sectors. The positions in these websites have been classified as Accountant, Management
Accountant, and Cost Accountant (Heizer, 2016). In respect of most of the vacancies advertised
in these websites the minimum qualification requirements are qualified cost and management
accountants. Along with professional qualifications the applicants should also have necessary
skills and knowledge required to record, summarize the financial transactions. In addition to this

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the ability to prepare the financial statements is another requisite criterion in all of the
advertisements. Preparation of cost statement of a manufacturing organization in accordance
with the standard of costing is one of the specific criterions associated with cost and management
skills. Apart from that also the ability to understand the statutory obligations and to comply with
these obligations is essential in respective vacancies advertised in these websites (Lawson et al.,
2013).
Part 2:
Most skills that are required for the position
On analyzing the first table provided at the beginning of the document outlining the
various positions in different companies the positions are all either of a cost accountant or a
management accountant. Thus, the applicants must have the minimum requisite qualification in
order to be eligible to apply to any of the positions (Vakalfotis et al., 2013). However, from a
thorough checking of different skills and knowledge required to carry out the job responsibilities
in these positions it can be seen that in most of the cases one common required skill is the ability
to record the financial values of transactions. Apart from that, the ability to read and prepare
financial statements of an organization from its accounting records is important to be successful
in these positions.
Requirement of the knowledge and skill
The skills and knowledge to record the financial transactions properly and to prepare the
financial statements of the organization from these records is critical due to the importance of
these records and financial statements to an organization. Most of the need of financial
information will be fulfilled by the accountant if proper books and accounts of the organization
is maintained along with costing records. Thus, the position of an accountant is critical to the

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success of an organization as he will play a vital role by recording the financial transactions
properly and by preparing the financial statements for the management (Klychova et al., 2015).
Least common skill and knowledge
Compare to this the less common cost skill and management knowledge required to carry
out the duties and responsibilities associated with the positions is the ability to understand the
statutory compliances as in most of the cases the corporations have appointed different persons
for fulfillment of statutory requirements. It has been already mentioned that compare to the skills
and knowledge required for recording financial transactions and preparation of financial
statements including cost statement the skills and knowledge required for statutory compliances
is not so highly sought. It is because the prime responsibility of an accountant, management
accountant and cost accountant all includes the recording of financial transactions and
preparation of financial statements whereas separate appointments are generally made in
different organizations for statutory compliance purposes (Jones & Sallis, 2013).
Challenges faced by Management accountant:
An organization has to be managed and operated properly; the responsibility of which
lies broadly on the shoulders of the management. The management in order to take important
business decisions require all necessary information, both financial as well as non-financial, to
take correct decisions at the right time (Mohd-Jamal & Tayles, 2014). The challenges faced by
the management accountants are many folds, these are as following:
I. The evolution of costing standards makes it mandatory for the accountants to keep
track of these changes and keep themselves up-to-dated with these changes to
ensure proper maintenance of accounts.