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Jemshah
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Asked: 2023-01-20T14:57:36+00:00 In:

Explain four duties of a cost accountant in a manufacturing firm. (8 marks)November 2022

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Explain four duties of a cost accountant in a manufacturing firm. (8 marks)November 2022

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    1. Cost analysis: Identifying and analyzing the costs of producing goods, including raw materials, labor, and overhead costs.
    2. Budgeting: Preparing and monitoring the budget for the manufacturing firm, including forecasting future costs and revenues.
    3. Product pricing: Analyzing costs and recommending prices for products, taking into account factors such as competition, production costs, and market demand.
    4. Inventory management: Tracking and managing the firm’s inventory, including determining the most cost-effective methods for purchasing, storing, and using raw materials.
    5. Performance analysis: Analyzing the financial performance of the firm, including identifying areas for cost savings and revenue growth.
    6. Financial reporting: Preparing financial reports, such as cost and profit reports, to provide management with accurate and up-to-date information on the financial performance of the firm.
    7. Cost control: Implementing and monitoring cost control measures to ensure that the firm is operating as efficiently as possible.
    8. Compliance: Ensuring that the firm is compliant with all relevant laws and regulations, including tax laws and accounting standards.
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