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Thursday, December 26, 2024


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Cost Accountancy

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The Work

A cost accountant specializes in stabilizing budgets and standards, evaluating operational efficiency and the effectiveness of production and service management, formulating the profile planning programme, guiding the managerial decisions, identifying accountability for cost and profit variance and thus renders valuable assistance to the
management.

Nature of the work

The CWA is involved in a large number of operations:

· Costing of products and services
· Designing and implementing effective management information and control   systems
· Planning and control of business operations through costing systems and   methods
· Inventory control incorporating mathematical models
· Cost reduction in conjunction with modern management tools like value   engineering, etc.
· Investment analysis
· Project management planning, control and accounting
· Internal audit of business transactions
· Operation audit of plant performance
· Cost audit
· Diagnosis of industrial sickness
· Management of funds and working capital
· Pricing and marketing decisions and corporate planning
· Measurement of corporate performances, strategy and policy research and   organizational development
· Collecting, collating, interpreting and condensing data relating to
techno-human business activities and converting them into money terms
to enable non-financial executives to arrive at the right decisions or to
select the right course of action at the right time.