Assignment 3: Benefits of Cost Accounting You are a consultant for Blue Sky Cons
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Question
Assignment 3: Benefits of Cost Accounting
You are a consultant for Blue Sky Consulting in the small town of Centervale. After 30 years of saving for retirement you discuss with your boss the possibility of early retirement. Your boss is open to the idea but he is finding that cost accountants are hard to find. You decide to be proactive and place a call to the local university. While lunching with Lindsey Michaels, Dean of the Accounting Department, she invites you to talk to the accounting club. You thank Dr. Michaels for the opportunity and begin planning your talk. You also realize your replacement might be sitting in the audience.
Use the AU library to conduct research on the benefits of cost accounting as a career. Reference at least one resource in your response.
Your paper should include the following information:
Discuss cost management as a profession
Name three professional cost management organizations and explain their roles.
Where in the corporate, not for profit, areas would cost accountants work and what types of work would they do?
Differentiate between financial and cost accounting as well as its opportunities and applications.
Discuss and explain how cost management information is developed and used within the organizations information value chain.
Explain how cost management fits into a corporate strategy given the global competitive environment? What role does the Internet play in the information gathered by cost management?
You are a consultant for Blue Sky Consulting in the small town of Centervale. After 30 years of saving for retirement you discuss with your boss the possibility of early retirement. Your boss is open to the idea but he is finding that cost accountants are hard to find. You decide to be proactive and place a call to the local university. While lunching with Lindsey Michaels, Dean of the Accounting Department, she invites you to talk to the accounting club. You thank Dr. Michaels for the opportunity and begin planning your talk. You also realize your replacement might be sitting in the audience.
Explanation / Answer
Benefits of cost accounting as a career:
As per U.S. Bureau of Labor Statistics employment of accountants is growing much faster than the average for all occupations in upcoming years. Cost accounting managers are in huge demands in economy right now and people pursuing cost accounting should definitely capitalise on this career opportunity. Most of large firms need Cost accounting managers for decision making. Their main responsibility is budgeting, analysing and tracking cost.
PCMG is one of the leading Professional cost management organization. Society of cost Management and Cost Management services LLC are also a leading cost management organzation. There are various roles of these organizations which are:
In non profit organizations, cost accountant can look in into the cost of services provided by the organization, look into donations, matching cost with revenue and Budgeting expenses for sevices etc.