Management Aspects of Production Cost Accounting †MyAssignmenthelp

Question: Discuss about the Management Aspects of Production Cost Accounting. Answer: Introduction: The jobs in the above websites include jobs from different sectors including Government organizations, non-government organizations, and corporations. Manufacturing and service sectors are mainly prevalent in offering jobs to the qualified personnel as compare to any other sectors. The positions in these websites have been classified as Accountant, Management Accountant, and Cost Accountant (Heizer, 2016). In respect of most of the vacancies advertised in these websites the minimum qualification requirements are qualified cost and management accountants. Along with professional qualifications the applicants should also have necessary skills and knowledge required to record, summarize the financial transactions. In addition to this the ability to prepare the financial statements is another requisite criterion in all of the advertisements. Preparation of cost statement of a manufacturing organization in accordance with the standard of costing is one of the specific criterions associate d with cost and management skills. Apart from that also the ability to understand the statutory obligations and to comply with these obligations is essential in respective vacancies advertised in these websites (Lawson et al., 2013). On analyzing the first table provided at the beginning of the document outlining the various positions in different companies the positions are all either of a cost accountant or a management accountant. Thus, the applicants must have the minimum requisite qualification in order to be eligible to apply to any of the positions (Vakalfotis et al., 2013). However, from a thorough checking of different skills and knowledge required to carry out the job responsibilities in these positions it can be seen that in most of the cases one common required skill is the ability to record the financial values of transactions. Apart from that, the ability to read and prepare financial statements of an organization from its accounting records is important to be successful in these positions. Requirement of the knowledge and skill The skills and knowledge to record the financial transactions properly and to prepare the financial statements of the organization from these records is critical due to the importance of these records and financial statements to an organization. Most of the need of financial information will be fulfilled by the accountant if proper books and accounts of the organization is maintained along with costing records. Thus, the position of an accountant is critical to the success of an organization as he will play a vital role by recording the financial transactions properly and by preparing the financial statements for the management (Klychova et al., 2015). Compare to this the less common cost skill and management knowledge required to carry out the duties and responsibilities associated with the positions is the ability to understand the statutory compliances as in most of the cases the corporations have appointed different persons for fulfillment of statutory requirements. It has been already mentioned that compare to the skills and knowledge required for recording financial transactions and preparation of financial statements including cost statement the skills and knowledge required for statutory compliances is not so highly sought. It is because the prime responsibility of an accountant, management accountant and cost accountant all includes the recording of financial transactions and preparation of financial statements whereas separate appointments are generally made in different organizations for statutory compliance purposes (Jones Sallis, 2013). An organization has to be managed and operated properly; the responsibility of which lies broadly on the shoulders of the management. The management in order to take important business decisions require all necessary information, both financial as well as non-financial, to take correct decisions at the right time (Mohd-Jamal Tayles, 2014). The challenges faced by the management accountants are many folds, these are as following: The evolution of costing standards makes it mandatory for the accountants to keep track of these changes and keep themselves up-to-dated with these changes to ensure proper maintenance of accounts. Management accountants will have to be undergo training on regular basis to ensure proper maintenance of costing records in accordance with the relevant standards. Alignment with the learning outcomes The alignment made with learning outcomes of ACCT 6004 is all but natural as most of the learning outcomes are directly related with the job responsibility of a cost and management accountant. From understanding the conceptual framework for financial reporting purpose to understanding the need for financial reporting in an organization all aspects of learning outcomes of ACCT 6004 are close related with the job description and responsibilities of accountants, cots and management accountants. In all the positions the learning outcomes, if not all then at-least few, are aligned with the job requirements (Howieson et al., 2014). In nowhere in the learning outcomes of ACCT 6004 it has been mentioned that preparation of cost statement is essential however, in a manufacturing organization it would be an effective tool in the hands of the management to take important decisions in relation to the manufacturing process as a whole (Otley, 2015). The knowledge and skills required to prepare cost statements should also be covered along with the current learning outcomes in ACCT 6004 as this will benefit the professional accountants and subsequently the companies and organizations will be benefitted. Cost statement will provide important information to the management of a manufacturing organization. This information if used properly by the management then the manufacturing organizations will be able to reduce its manufacturing costs which in turn would help the organization to achieve better operating results in the future from its business operations. Because of this the learning outcomes of ACCT 6004 should include cost statement preparation as a learning outcome. References: DRURY, C. M. (2013).Management and cost accounting. Springer. Fayard, D., Lee, L. S., Leitch, R. A., Kettinger, W. J. (2014). Interorganizational cost management in supply chains: Practices and payoffs.Management Accounting Quarterly,15(3), 1. Heizer, J. (2016).Operations Management, 11/e. Pearson Education India. Howieson, B., Hancock, P., Segal, N., Kavanagh, M., Tempone, I., Kent, J. (2014). Who should teach what? Australian perceptions of the roles of universities and practice in the education of professional accountants.Journal of Accounting Education,32(3), 259-275. Jones, G., Sallis, E. (2013).Knowledge management in education: Enhancing learning education. Routledge. Klychova, G. S., Zakirova, A. R., Zakirov, Z. R., Valieva, G. R. (2015). Management aspects of production cost accounting in horse breeding.Asian Social Science,11(11), 308. Lawson, R. A., Blocher, E. J., Brewer, P. C., Cokins, G., Sorensen, J. E., Stout, D. E., ... Wouters, M. J. (2013). Focusing accounting curricula on students' long-run careers: Recommendations for an integrated competency-based framework for accounting education.Issues in Accounting Education,29(2), 295-317. Mohd-Jamal, N., Tayles, M. (2014). The direct effect of supply chain management practices on management accounting and supply chain performance.World Journal of Management,5(2), 50-65. Otley, D. (2015). in Management Control.Critical Perspectives in Management Control, 27. Vakalfotis, N., Ballantine, J., Wall, A. P. (2013). A literature review on the impact of Enterprise Systems on management accounting.