ASSIGNMENT
Name: Sabeed Ejaz
Roll: BBA-18-60
Semester: 3RD (morning)
Subject: Human resource Management
Submitted to: Sir Farhan Mir
TOPIC:
JOB ANALYSIS ON DREAM CAREER
JOB
JOB TITLE:
COST ACCOUNTANT
WHAT DOES A COST ACCOUNTANT DO?
Analyze financial information and prepare financial reports to determine or maintain record of
assets, liabilities, profit and loss, tax liability, or other financial activities within an organization
Construct systems and controls to review data accumulation and reporting systems
Coordinate and investigate cycle counting variances and resolve issues
Accumulate and apply overhead costs as required
Analyze and report on breakeven points and margins
Report on periodic variances and their causes
Analyze capital budgeting requests
Scope of Cost Accounting
Cost System: It provides for time to time monitoring and evaluation of the cost
incurred in the production of goods and services to generate cost reports for the
management.
Cost Comparison: It examines the other alternative product line or activities
and the cost involved in it, to seek a better opportunity for generating high
revenue.
Cost Control: Sometimes, the actual cost of a product or service becomes higher
than its standard cost. To eliminate the difference and control the actual cost,
cost accounting is required.
Cost Computation: When the company is engaged in the production of bulk
units of a particular product or commodity, the actual per-unit cost is derived
through cost accounting.
Cost Reduction: It acts as a tool in the hands of management to find out if
there is any scope of reducing the standard cost involved in the production of
goods and services. Its purpose is to obtain additional gain.
Objectives of Cost Accounting
Control and Reduce Cost: Cost accounting continuously focuses on managing
the cost of production per unit to improve profitability without compromising with
the quality of the product.
Determine Selling Price: It provides the total cost incurred in the product or
service, which is the base for fixing an appropriate selling price.
Ascertain Closing Inventory: It determines the closing inventory value at the
end of the financial year.
JOB DESCRIPTION:
Tasks:
1. Develop, maintain, and analyze budgets, preparing periodic reports that compare
budgeted costs to actual costs.
2. Prepare, examine, or analyze accounting records, financial statements, or other
financial reports to assess accuracy, completeness, and conformance to reporting and
procedural standards.
3. Review accounts for discrepancies and reconcile differences.
4. Prepare adjusting journal entries.
5. Establish tables of accounts and assign entries to proper accounts.
DUTIES:
1. Interacting With Computers
2. Getting Information
3. Communicating with Supervisors, Peers, or Subordinates
4. Documenting/Recording Information
5. Establishing and Maintaining Interpersonal Relationships
RESPONSIBILITIES:
1. Classify costs accurately
2. Generate PPV reports and analyze findings
3. Establish standard costs and update them as appropriate
4. Maintain and review the general ledger and reconcile balance sheets
5. Analyze costs of raw materials and other supplies .
WORK STYLES:
1. Attention to Detail
2. Integrity
3. Dependability
4. Analytical Thinking
5. Cooperation
JOB SPECIFICATIONS
Knowledge
1. Economics and Accounting — Knowledge of economic and accounting principles and
practices, the financial markets, banking and the analysis and reporting of financial data.
2. Mathematics — Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their
applications.
3. Clerical — Knowledge of administrative and clerical procedures and systems such as word
processing, managing files and records, stenography and transcription, designing forms, and
other office procedures and terminology.
4. English Language — Knowledge of the structure and content of the English language
including the meaning and spelling of words, rules of composition, and grammar.
5. Law and Government — Knowledge of laws, legal codes, court procedures, precedents,
government regulations, executive orders, agency rules, and the democratic political process.
Skills
1. Presentation Skills - present strategic decisions, summarizing key issues and
alternative solutions
2. Report on performance management and projections for the future of the business
3. Communication skills – both oral and written
4. Management Skills – to work as part of a cross-functional team representing all
functional departments of a business
Education:
To become a Cost Accountant, a Bachelor's degree
Master of Business Administration (MBA)
Certified Management Accountants (CMA)
Abilities
1. Mathematical Reasoning — The ability to choose the right mathematical methods or
formulas to solve a problem.
2. Written Comprehension — The ability to read and understand information and ideas
presented in writing.
3. Deductive Reasoning — The ability to apply general rules to specific problems to produce
answers that make sense.
4. Near Vision — The ability to see details at close range (within a few feet of the observer).
5. Number Facility — The ability to add, subtract, multiply, or divide quickly and correctly
Wages & Employment Trends
Median wages data collected from Accountants and Auditors.
Employment data collected from Accountants and Auditors.
Median wages (2018) $33.89 hourly, $70,500 annual
Employment (2018) 1,424,000 employees
SHORT SUMMARY:
As we see above the knowledge, skills and experience is very important for the job and a
candidate with good skills, knowledge, experience and abilities are more prefer to job.
Task, Duties and responsibilities are the parts of job they are done by the Employee who have a
best knowledge, skills, and abilities. So the company hire those candidates who fulfill all the
requirements of the job.
Job analysis play an important role to determine the job. It mentioned the job description and
job specifications and many other factors. A cost accountant can be hired by the above
explanation and requirements. Cost accountant provides strict regulation over the costs of
materials, supplies, machinery, shipping and other processes in the plant.
