Management Accounting - Data Analysis

Running head: MANAGEMENT ACCOUNTING
Management accounting
Name of the Student:
Name of the University:
Student ID:
Author’s Note:

1MANAGEMENT ACCOUNTING
Table of Contents
Task 1 – Data collection.............................................................................................................2
Task 2 – Data analysis................................................................................................................5
Task 3 – Final report................................................................................................................11
Part 1....................................................................................................................................11
Part 2....................................................................................................................................12
Reference..................................................................................................................................15

2MANAGEMENT ACCOUNTING
Task 1 – Data collection
No Position title Sector
Industry
or
governmen
t
Position description Date
listed
Website
address
Search words
or phrases
Cost
Accountant
Industry Preparation of factory
operational
budget/forecasts,
planning, evaluating
and verifying capital
expenditure
proposals.
Provide analysis and
commentary/interpret
ation to reporting,
including variances to
forecast and budget.
Report daily and
weekly site
operational
performance reports
Analyse, evaluate and
report the commercial
viability of various
Capital and CI
business proposals,
including
recommendations
Participate in process
improvement projects,
act as project business
lead on key projects
as required
6 Apr
2018
https://
www.see
k.com.au
/job/
3591887
8?
type=stan
dout&use
rqueryid
=475d8d
eaaf30ba
5abcb68d
6883cfa4
70-
8854664
Cost
accountant
Senior
Management
Accountant
Industry Reporting to the head
of the business,
partnership through
ensuring a well
organised and
controlled finance
function and provide
insightful analysis to
improve business
decision making,
capturing and
allocating costs.
involves the
6 Apr
2018
https://
www.see
k.com.au
/job/
3592515
6?
type=stan
dout&use
rqueryid
=1c63d8
cf5070aa
44f1ed52
ecb07eaa
Management
Accounting

3MANAGEMENT ACCOUNTING
production and
management of the
balance sheet, profit
and loss statement,
and management
reporting in an
accurate and timely
manner, financial and
corporate governance,
whilst working as part
of a small finance
team..
3f-
9689275
Cost &
Inventory
Accountant
Industry Seeking an
accomplished and
experienced
cost/inventory
accountant to join
their accounting team
on a temporary basis.
Given the fast paced
nature of the business
this role is best suited
to a hands-on, highly
motivated and
autonomous
individual with a
strong technical
background who is
available ASAP for a
3 to 4 month period.
3 Apr
2018
https://
www.adz
una.com.
au/
details/
8035640
39?
v=2AA1
CD92412
B4C741
A9E1396
003BC4
C7E02E3
C20&se=
yB6jiVY
vS4Sv3K
Jk-ur1mg
Cost
accountant
Junior
Management
Accountant
industry Weekly Sales Reports
for all business units,
the month end
balance sheet
reconciliations,
preparing Financial
and Management
reports, planning and
managing the audit
process, preparation
of draft annual
statutory accounts,
deliverables for the
audit and liaison with
auditors, Work
closely with the
Management
Accountants on
budgeting and
forecasting for the
6 Apr
2018
https://
www.adz
una.com.
au/
details/
8052218
00?
v=BEB6
23C11A
D710B34
01D5504
B74C58
A83D1F
34B6&se
=qASHlz
1ZTG-
x0V5wE
qtBCQ
Management
Accounting

4MANAGEMENT ACCOUNTING
business,
Duties assigned to
you by the Financial
Controller
Manufacturin
g Accounting
Administratio
n
industry Cost Accounting and
BOM preparation.
Data entry for
accounting data such
as payroll for staff.
Financial
reconciliations
With great
communication skills
and demonstrable
experience in
accounting, BoM`s
and reconciliations.
29/3/201
8
http://
jobview.c
areerone.
com.au/
Manufact
uring-
Accounti
ng-
1946542
90.aspx
Cost
Accountant
SAP
Management
Accountant
Governmen
t
Work within a leading
NSW Government
Department.
6 to 12 month
temporary role,
consolidated reporting
at executive level
with a budget
management skill.
Due to the nature of
the organisation
where will be a strong
element of project
accounting with
multiple project cash
flow reports and be
able to provide
guidance where
required.
4/4/2018 http://
jobview.c
areerone.
com.au/
SAP-
Manage
ment-
Accounta
nt-
1945946
97.aspx
Management
accountant
Cost
Management
Accountant
Governmen
t
Accounting provide
services related to
Financial reporting,
taxation, auditing,
insolvency,
accounting
information systems,
budgeting, cost
management,
planning
16
March
2018
https://
jobsearch
.gov.au/
job/
view/
details/
2281503
034?
context=
42943b3
e-7474-
4c20-
Cost
Accounting

5MANAGEMENT ACCOUNTING
9e37-
5c3cee05
726e
Group
Management
Accountant
Governmen
t
Accounting provide
services related to
Financial reporting,
taxation, auditing,
insolvency,
accounting
information systems,
budgeting, cost
management,
planning
30
March
2018
https://
jobsearch
.gov.au/
job/
view/
details/
2281614
379?
context=
ae2e6d5f
-d8ae-
48ac-
8fd6-
46a191f6
210b
Management
Accounting
Revenue and
Cost Analyst
Governmen
t
As a Revenue and
Cost Analyst develop
and maintain a unique
Activity Based
Costing Model that
supports an effective
and efficient
functioning of cost
recovery
arrangements.
Statistical analysis to
ensure that costing
remains up to date
and relevant and
aligned to AFSA’s
strategic vision.
Facilitate a unique
client experience
through your
engagement with
both, internal and
external stakeholders.
29 Mar
2018
https://
www.aps
jobs.gov.
au/
Searched
NoticesV
iew.aspx
?
Notices=
1072277
9%3A1&
mn=JobS
earch
Cost
management
Management
Accountant
Governmen
t
To provide
management, support
and assistance to
ensure timely and
accurate processing of
2 Mar
2018
https://
www.aps
jobs.gov.
au/
Searched
Management
Accountant

6MANAGEMENT ACCOUNTING
routine financial
transactions, month
end duties and
maintenance of
AFMA’s financial
systems and
processes.
Associated with
accounts payable,
accounts receivable,
credit card and
treasury function.
Management
reporting and external
budgeting/reporting,
contracts and
procurement.
NoticesV
iew.aspx
?
Notices=
1072233
5%3A1&
mn=JobS
earch
Task 2 – Data analysis
No Position title Position
requirement
Cost or
management
accounting criteria
required or position
Alignment with
learning outcomes of
ACCT 6004
1. Cost Accountant Cash flow analysis
and preparation,
budget preparation
Budget analysis,
valuation and
performance analysis
 Categorise and
identify the nature
of various types of
costs, cost objects
and cost
behaviours and use
cost estimation
techniques to
develop cost
functions.
 Apply cost
accounting
techniques to
calculate the cost
of a range of cost
objects as well as
analyse costs.
 Apply cost
information to
planning, control
and decision‐
making.

7MANAGEMENT ACCOUNTING
2. Senior
Management
Accountant
Reconciliation of
financial statement
and analysing the
budget
3-5 years experience
in associated field
 Apply cost
accounting
techniques to
calculate the cost
of a range of cost
objects as well as
analyse costs.
 Apply cost
information to
planning, control
and decision‐
making.
 Critically evaluate
the relevance of
both quantitative
and qualitative
costing information
to management
decision making.
3. Cost &
Inventory
Accountant
Forecasting and
reporting the budget
analysis
High qualification
level in cost
accounting
 Categorise and
identify the nature
of various types of
costs, cost objects
and cost
behaviours and use
cost estimation
techniques to
develop cost
functions.
 Apply cost
accounting
techniques to
calculate the cost
of a range of cost
objects as well as
analyse costs.
 Apply cost
information to
planning, control
and decision‐
making.
4. Junior
Management
Accountant
Re-forecast and
budget analysis,
business process
report and data
analysis
CA or CPA degree
and excellent
knowledge of Excel
and ERP
 Apply management
accounting
techniques to
calculate the cost
of a range of cost
objects as well as
analyse costs.
 Apply management
information to

8MANAGEMENT ACCOUNTING
planning, control
and decision‐
making.
 Critically evaluate
the relevance of
both quantitative
and qualitative
costing information
to management
decision making.
5. Manufacturing
Accounting
Administration
Reviewing the actual
and standard cost and
analysis, preparation
of the KPI
manufacturing
reports, management
of the asset register
Knowledge of
business process and
previous experience
of working in the
manufacturing
industry
 Identify and
analyse ethical and
organisational
issues confronting
contemporary
management
accountants
 Categorise and
identify the nature
of various types of
costs, cost objects
and cost
behaviours and use
cost estimation
techniques to
develop cost
functions.
 Apply cost
accounting
techniques to
calculate the cost
of a range of cost
objects as well as
analyse costs.
 Apply cost
information to
planning, control
and decision‐
making.
 Critically evaluate
the relevance of
both quantitative
and qualitative
costing information
to management
decision making.
6. SAP
Management
Accountant
Monitoring the
overhead budget,
preparing the
variance analysis
Knowledge of SAP,
knowledge of
forecasting and
performance analysis
 Categorise and
identify the nature
of various types of
costs, cost objects

9MANAGEMENT ACCOUNTING
and cost
behaviours and use
cost estimation
techniques to
develop cost
functions.
 Apply cost
accounting
techniques to
calculate the cost
of a range of cost
objects as well as
analyse costs.
 Apply cost
information to
planning, control
and decision‐
making.
 Critically evaluate
the relevance of
both quantitative
and qualitative
costing information
to management
decision making
7. Cost
Management
Accountant
Identifying and
highlighting the key
issues related to
profitability, assisting
the cost accountant in
preparing the budget
High level
knowledge regarding
budgeting,
forecasting and
analysis
 Categorise and
identify the nature
of various types of
costs, cost objects
and cost
behaviours and use
cost estimation
techniques to
develop cost
functions.
 Apply cost
accounting
techniques to
calculate the cost
of a range of cost
objects as well as
analyse costs.
 Apply cost
information to
planning, control
and decision‐
making.
 Critically evaluate
the relevance of
both quantitative

10MANAGEMENT ACCOUNTING
and qualitative
costing information
to management
decision making
8 Group
Management
Accountant
Setting up project for
the group and
analysing the work
done by the
management
accountant
Knowledge of
advance excel, job
costing, experience
of management
accountant
 Categorise and
identify the nature
of various types of
costs, cost objects
and cost
behaviours and use
cost estimation
techniques to
develop cost
functions.
 Apply cost
accounting
techniques to
calculate the cost
of a range of cost
objects as well as
analyse costs.
 Apply cost
information to
planning, control
and decision‐
making.
9. Revenue and
Cost Analyst
Preparation of cost
accounting data and
report, analysis of
revenue and
managing the cost
associated with
revenue
At least 3 years
experience in same
field, professional
accounting degree
like CPA or CA
 Categorise and
identify the nature
of various types of
costs, cost objects
and cost
behaviours and use
cost estimation
techniques to
develop cost
functions.
 Apply cost
accounting
techniques to
calculate the cost
of a range of cost
objects as well as
analyse costs.
 Apply cost
information to
planning, control
and decision‐
making.

11MANAGEMENT ACCOUNTING
10 Management
Accountant
Delivering analysis
report on financial
interpretation,
financial performance
analysis report and
budget preparation.
Knowledge of ERP,
advance knowledge
of excel and high
level educational
degree.
 Categorise and
identify the nature
of various types of
costs, cost objects
and cost
behaviours and use
cost estimation
techniques to
develop cost
functions.
 Apply cost
accounting
techniques to
calculate the cost
of a range of cost
objects as well as
analyse costs.
 Apply cost
information to
planning, control
and decision‐
making.
Task 3 – Final report
Part 1
Various job sites used for the above mentioned cost accountant and management accountant
posts are as follows –
1. www.seek.com.au
2. www.adzuna.com.au
3. www.jobview.careerone.com.au
4. www.jobsearch.gov.au
5. www.apsjobs.gov.au
 Out of all the above mentioned jobs 5 jobs were found in government sector and rest 5
jobs were found in industry sector. Therefore, the jobs were equally found from
government sector as well as industry sector (Seek.com.au, 2018).

12MANAGEMENT ACCOUNTING
 Among the 10 jobs listed above 4 positions were related to cost accountant and rest 6
positions were for management accountant.
 Most common requirements that were found for the above listed jobs were
preparation and analysis of budget, forecasting of performance, analysis of
performance and interpretation of results. They are also responsible for completing
the costing related data that includes product pricing and costing analysis. Further, the
most common requirement for the above posts were ability to prepare and analyse the
budget and higher educational degree in relevant field (Careerone.com.au, 2018).
 Most common requirement for the post of cost and management accounting were
preparation and analysis of budget, knowledge of ERP and excel and ability to
interpret financial data. They shall also be able to prepare the performance report.
Part 2
2. Cost and Managements kills that are common are–
 For the positions the most common management and cost accounting skills that are
needed includes the ability to conduct analytical calculations (LaviaLópez&Hiebl,
2014). In addition to that the individual engaged in the process must have the
knowledge for technological processes and business fundamentals, and must possess a
good communication skill.
 The management accountant or the cost accountant must possess the above mentioned
skills to perform his task efficiently (Boddy, McCalman, & Buchanan, 2018). They
need the analytical skills to perform various financial and non-financial calculations
of the business activities. The quality of having sound knowledge about the
technological processes in order to take part in the business operations efficiently
(Edmonds, et al., 2016). The additional skill of having a good communication helps in

13MANAGEMENT ACCOUNTING
the interchange of the business information within the organization. Moreover the
quality of having knowledge of the business fundamental helps in enhancing the
decision making ability and operational efficiency for achieving the organizational
objectives.
3.
 The less common cost and management accounting skills that are not required in all
the business includes certain specific business technical knowledge that are not
required for all the business (Boddy, McCalman, & Buchanan, 2018).
 This can include knowledge for some specific software or technology that are needed
to be used for a particular operation. The generally the business appoints other experts
for operating these software; therefore the cost or the management accountant may
not compulsorily need the skills to operate the same. Management accountant or cost
accountants are employed for making the budget, performance analysis and reporting
the same for financial planning.
4. The challenges that are faced by the management accountant
Management accountant are generally engaged for preparation of the budget,
analysing performance and preparing performance report and preparing strategic financial
planning. However, there are challenges faced that includes expert insights and issues of time
frame. The expert insights refer to the specific technical knowhow that are required for
conducting specific responsibilities, absence of this knowledge leads to a challenge for them.
The additional challenge that is the issue of time frame refers to the time constrains that the
accountant faces in their operations (Boddy, McCalman, & Buchanan, 2018).
5. The topic that are covered in ACCT 6007 are as follows:

14MANAGEMENT ACCOUNTING
 Identifying and analysing the obtained data
 To evaluate the organisational ethical complexities
 To apply the various techniques of cost accounting process and analyse the data that
are cost related (EXAM-BUAD, 2014)
 Enhancement of the managerial decision making skills with the help of evaluating the
various financial and non-financial data obtained from the business operations.
 The roles and responsibilities of the management accountant along with its
importance.
6. The skills and knowledge that are required for the position of cost and management
positions and are not covered by the ACCT 604 includes the various cost allocation methods
of various specific products during the manufacturing process. The information regarding the
same would help in making the process of management accounting orcost accounting smooth
and enhance its effectiveness (Chenhall, & Moers, 2015). This also helps in making various
crucial strategic decisions. Therefore, the topics of cost allocation are needed to be covered in
the ACCT 6004 topics so that the issue each product having different process of cost
allocation can be overcome efficiently.

15MANAGEMENT ACCOUNTING

16MANAGEMENT ACCOUNTING
Reference
Boddy, D., McCalman, J., & Buchanan, D. A. (Eds.). (2018). The new management
challenge: Information systems for improved performance. Routledge
Careerone.com.au. (2018). Job Search, Upload your Resume, Find employment - CareerOne.
[online] Available at: http://www.careerone.com.au/ [Accessed 4 May 2018].
Chenhall, R. H., & Moers, F. (2015). The role of innovation in the evolution of management
accounting and its integration into management control. Accounting, Organizations
and Society, 47, 1-13.
Edmonds, T. P., Edmonds, C. D., Tsay, B. Y., & Olds, P. R. (2016). Fundamental
managerial accounting concepts. McGraw-Hill Education.
EXAM-BUAD, C. O. M. P. (2014). ACCT Accounting.
LaviaLópez, O., &Hiebl, M. R. (2014). Management accounting in small and medium-sized
enterprises: current knowledge and avenues for further research. Journal of
Management Accounting Research, 27(1), 81-119.
Seek.com.au. (2018). [online] Available at: https://www.seek.com.au/browser-upgrade/?
continue=%2F [Accessed 4 May 2018].