Cost accounting is a type of accounting job where the cost accountant is given the responsibility of analyzing the cost of the various products and services sold by a company so that the final retail price can be reached. The final cost of the product must be more than the cost of developing and manufacturing the product because only then the company will make profits. In order to determine the final price, there has to be a team which calculates the costs and comes up with the final figure.
This is an internal form of accounting, unlike other accounting jobs which is accountable to the shareholders or the public. Coat accounting is a field which is specialized and most small companies do not have this separate position because the regular accountants and financial analysts do the same task expected of cost accountants.
Another point to be noted is that the process of manufacturing a particular product can be different depending on what it is and hence there are various cost accounting methods that are used to determine the price of the product. There are two types of cost accounting: In job order costing, the item is broken down to one job and the costs of that single job are calculated; in process costing, the item is broken down to process and the costs of the processes are calculated. In this way, the profitable price can be set by the cost accountants.
Here are a few job categories that one can choose from in the field of cost accounting.
Cost Accountant Job Titles:
A cost analyst is an expert who specializes in costs, how to determine the price and how will the company post more profits by selling the product. He has to analyze and examine the company’s costs with respect a product or service and then present his report to the senior executives of the company. He studies the cost-benefit ratios, the costs of manufacturing and production, process improvement and the divides the numbers into simple terms so that they can be calculated.
Some major job titles in this category are as follows:
- Cost Accountant
- General Accountant
- Cost Analyst
- Cost Accountant Analyst
- Principal Cost Accountant
- Chief Cost Accountant
- Assistant Cost Accountant
- Senior Cost Accountant
- Cost Controller
- Plant Cost Accountant
- Plant Accountant
- Manufacturing Cost Accountant
- Production Cost Accountant
- Development Cost Accountant
Budget Analyst Job Titles:
A budget analyst is someone who studies the goals of the company, its liabilities and assets and then plans the company’s budget. These are very specific posts and usually only big companies have these job roles. He has to analyze the financial documents and submit his report on the budget to the upper management, besides monitor how the money is spent throughout the year. He also gives advice on how the company can stay within the budget and plan for the future. The job titles under this heading are:
- Financial Controller
- Budget Analyst
- Cost Accountant International Operations
- Cost Accountant Global Manufacturer
- Costing Accounting Manager
- Cost Accountant Strategist
- Manager of Corporate Cost Allocations
- Financial Analyst
- Fund Accountant
- Inventory Cost Accountant
- Project Cost Accountant
Human Resources Cost Analyst Job Titles:
A cost accountant is someone who knows how to determine the cost of a product but their services are also used to determine the salary or how much the company should spend on a particular job position, what should be the compensation and to evaluate the employee’s performance and match his salary with it. These people work closely with the management. Here are a few job titles in this category:
- Lead Cost Accountant
- Managerial Cost Accountant
- Corporate Cost Controller
- Senior Manager Cost Accounting
- Job Cost Accountant
- Staff Cost Accountant
This entry was posted on September 12, 2012 and is filed under Job Titles. Written by: jobs. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.