Question

Do You Have What It Takes?" Please respond to the following: Use the Internet to identify a career opportunity/job that requires cost accounting/cost analysis/job-costing skills. Describe your understanding of the skills needed and select characteristics of the job that appeals to you or do not appeal to you. Please indicate two facts about Job Costing accounting, explain them and provide an example. Please read and respond to the post of at least one (1) other student and your professor.

Answer 1

The job which I found is of fulltime "Cost Analyst".

Cost analyst analyze cost of manufacture of any product to find out the best and least cost which can help the company to reduce the cost of production and thereby able to get more profits. He should be able to analyze the accuracy of all costs. He should be able to analyze monthly results, variances with estimated costs. He should be able to identify existing trends and monitoring changes in cost drivers over time.

They should also have

Effective communication skills - both oral and verbal

Technical skills on the subject matter.

Supervisiory skills to supervise the work done.

Good team leader skills.

Job cost accounting is the process of assigning the costs to a specific job. A job can be defined as a specific project or a single unit of product manufactured.

Job costing involves the following accounting activities:

• Materials. It accumulates the cost of components and then assigns these costs to a product or project once the components are used.
• Labor. Employees charge their time to specific jobs, which are then assigned to the jobs based on the labor cost of the employees.
• Overhead. It accumulates overhead costs in cost pools, and then allocates these costs to jobs

Job costing is also known as job order costing.