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ACCT6004 Role of a Cost & Management Accountant

   

Added on  2020-05-11

13 Pages2472 Words64 Views
Business DevelopmentFinance
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Running head: MANAGEMENT ACCOUNTINGManagement Accounting
ACCT6004 Role of a Cost & Management Accountant_1

Management Accounting 1ContentsIntroduction...........................................................................................................................................2Data Collection......................................................................................................................................2Data Analysis........................................................................................................................................3Report....................................................................................................................................................8Website search summary...................................................................................................................8Most common cost and management skills required.........................................................................9Less common cost and management skills required..........................................................................9Challenges faced by cost and management accountants..................................................................10Alignment of ACCT6004 to positions.............................................................................................10Future study implications ACCT6004.............................................................................................11Conclusion...........................................................................................................................................11References...........................................................................................................................................12
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Management Accounting 2Introduction Management accounting refers to the analysis and the interpretation of the accounting information in such a manner so as to help the top level management regarding decision making. It helps the management in functions like planning, analysing, forecasting, reporting and so on. Management accountants are the one who analyse and interpret the financial data in order to help the managers in taking decisions and control over the business. Cost accountants does the work of creating the budgets and managing the cost of organisation. This report is all about the responsibilities and role of a cost and management accountants and the job description for the position of cost and management accountant, its selection criteria and the skills required for this position (DRURY, 2013).The below table shows the 10 different job positions of cost and management accountant and their description collected from the different websites.Data CollectionTable 1: Cost and Management accounting positions.No.Position TitleSector(Industry or Government)Position DescriptionDate ListedWebsite AddressSearch word or phrases1Cost/ Operations AccountantIndustryPreparation of the annual budget, keeping the cost up to date and analysing various cost. 18-Oct-17www.seek.com.auAccountant2Management AccountantIndustryDatabase management and providing monthly management reports 13-Oct-17www.adzuna.com.auManagement Accountant3Cost ControllerIndustryTracking and managing the cost, doing estimations and preparing budgets. 27-0ct-17www.seek.com.auCost
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Management Accounting 34Regional Management AccountantIndustryProviding management analysis and monitoring junior staff.27-Oct-17www.seek.com.auManagement accountant5Project Accountant, Project Cost Controller.IndustryReview of cost and expenses, budgeting and forecasting, report on WIP and projects.1-Nov-2017www.carrerone.com.auCost Accounting6Senior Management AccountantIndustryReviewing the financial policies and procedures and overall financial performance of the organisation18-Oct-17www.au.jora.comManagement accountant7Financial AnalystIndustryReport to senior financial analyst, making annual budgets and forecasts.19-Oct-17www.apsjob.gov.auAccounting8Cost AccountantIndustryCost reporting, product costing management, analysing inventory, balancesheet and implementing reductions of cost 7-Nov-2017www.careerjet.com.auAccountant9 Management AccountantIndustryGiving decisions to finance department and executives of university.25-Oct-17www.au.jora.comManagement.10ManufacturingCost AccountantIndustryTime to time costing of manufactured items, reports on analysis of cost and manufacturing5-Nov-17www.recruit.netaccountantData AnalysisThe given table shows the analysis of the data collected related to the job positions of cost or management accountant.Table2: Data AnalysisNo.Position Title Position Requirements(responsibilities) Cost and Management Accountingcriteria required for positionAlignment with learningoutcomes of ACCT 60041.Cost/ Operations AccountantThe key role isto develop standard costing and updating costs.Analysing material, labour. And overhead costsCPA or CA Excellent Interactive skills.Excel knowledge and analytical skills.Capable of working independently and Yes
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