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The principal responsibility of a cost accountant is to track and analyze the factors that result in the total cost of a product. This field of cost accounting differs from most other accounting specialties in that the focus of the career is on cost analysis and price allocation. This accounting method takes in two major principals: fixed cost accounting is used when production method is not a factor and variable cost accounting which examines product production and quantity. Cost accounting is broken down into two major categories, job order cost accounting and process cost accounting.
Job order cost accounting is the specialty that determines product or service cost by considering the total cost of production for an individual product. Job order cost accounting tracks every expense involved in a product’s production to determine the final price of an individual product. Process cost accounting differs from job order cost accounting in that product cost is evaluated by summing of the cost of each process which results in a final product. Process cost Accountants determine the expense of each particular process and then add them together to determine the price of a group of products.
The minimum requirements to become a cost accountant are to earn a bachelor’s degree in accounting or a related degree. Many companies prefer either experience in cost analysis or project management. Accountants who have work experience in industrial or engineering product management are looked upon favorably. Earning a degree in finances or pursing an MBA with a focus on financial management will make any applicant very competitive. The CMA public accounting license is not necessary for employment but some employers do prefer it for the security it provides and the financial management principles involved in earning the license.
The average earnings for a cost accountant are in the areas of $55,000 to $60,000. Entry level cost accountant can expect to start out at $35,000 to $40,000. Initial earnings will quickly increase after a few years of experience and will vary by location.
What else can I help you with?
Is the cost accountant under the general accountant?
Cost accountant is part of Management Accounting. General Accountants are are mostly relevant to Financial Accounting
Role of cost accountant in a manufacturing company?
Kindly furnish me with the roles of a cost accountant in any manufacturing company
Cost accountant duties?
A cost accountant is responsible for assigning cost to products. They have to be accurate because managers will make decisions based on this information.
What is the difference between cost accountant and financial accountant?
DISTNGUISH between finance, management accountant and financial accounting
Explain the job of the cost accountant and how it differ from that of the financial accountant?
hi, i want to ask the base skill is Accountant do and the responsiblity Can you explain me as soon as possible
What is the full from is icwa?
institute of cost & works accountant
How much does an accountant cost for a small business?
5000/-
Give a example of an opportunity cost that an accountant might not count as a costwhy would the accountant ignore this cost?
An opportunity cost where money does not change hands does not count as a cost. An example of this is the owner's opportunity cost for an alternate employment, since money does not change hands.
What is purpose of factory overhead applied and how this information can use by the cost accountant in minimum the cost of the product?
Factory overhead is what it costs to run the factory. The cost accountant can look at the cost of overhead to find ways to minimize it, resulting in the cost of the product being lower.
Role of a cost accountant in service industry?
business accounting
The insitiute of cost and works accountant of India?
True and fals
List of all types of accountant?
1 - Cost Accountant2 - Financial Accountant3 - Management Accountant4 - Charatered Accountant5 - Public Accountant6 - Book keeper
