ACCT6004 Management Accounting OZ Assignments

ACCT6004 Management Accounting OZ Assignments

ACCT6004 Management Accounting OZ Assignments

Part 1

1) Summarise the positions in the following areas:-

a.The job websites where your positions are found

There are many job portals where the jobs can be searched. For the assignment website searched are Adzuna.com.au, Hays.com.au and seek.com. These have a large number of recruiters associated with them and many good opportunities.

b. The common sectors (industry or government organisations) of the positions

Most of the jobs were contract based jobs within private sectors. The government jobs were very few. There were many industries such as retail, advertisement, media houses, Finance groups ready to hire specialized individual having tactical knowledge.

c. Whether the positions are classified as ‘cost accountants’, ‘management accountants’, or other classifications (if so, what are these classifications?)

Most of the jobs were classified as the Management accountants and cost accountants. They were also classified as the finance controller or Budgeting and Financial analyst jobs while searching.

d. The common requirements, selection criteria, responsibilities, and other detail of the positions

The common requirements for the position were good communication skill along with the excellent knowledge of the Excel such PIVOT table. Also, there was the necessity of the requirement of ERP and other software of accounting such as SAP.

e. The common requirements, selection criteria, responsibilities, and other detail, which relate to cost and management accounting knowledge and skills

The common requirements which relate to Cost and management accounting knowledge and skill were the personnel must be able to prepare the accounting financial statements. He/she must be able to forecast and must be able to do budgeting and help in the decision making of the company (Zarzycka, 2012).

Part 2

2.

a. Describe the most common cost and management accounting skills and knowledge required for the positions.

The most common cost and management skills that are required was analytical thinking, forecasting of the cash flows or plans, Budgeting related to capital as well as costing that may lead to better decision making for the organization (Pietrzak and Wnuk-Pel, 2015).

b. Discuss why these knowledge and skills are required. You are expected to explain and justify your own opinions. You may refer to extra sources of references to support your arguments.

These Knowledge and skills have become very important for understanding the market condition. Except for few markets, others are very volatile and it is very important to forecast because of execution of plans and financial decisions (Constantin, 2016).

ACCT6004 Management Accounting OZ Assignments

3.

a. Identify the less common cost and management accounting skills and knowledge required for the positions.

The less common cost and management accounting skill were to understand the procedure that is being followed by the organization and make it better. The responsibility includes implementing new procedures effectively and efficiently in an organisation.

b. Discuss why these knowledge and skills are not as highly sought as those in Part 2 (2) above. You are expected to explain and justify your own opinions. You may refer to extra sources of references to support your arguments.

Without forecasting and budgeting, no plan can be made and or executed. If the Budgeting and Forecasting are not properly done the plans will definitely fail. Without budgeting and forecasting, no plan can be implemented effectively and efficiently.

4. Draw practical implications from your research findings: Apart from cost and management accounting knowledge and skills, identify and explain any challenge(s) facing management accountants.

The management accountant not only with the knowledge but also must be able to work with the software and excel. The accounting software must also be well versed by the management accountant such as SAP or BAS. There is a need for knowledge in the field of accounting software as well (Karamatova, 2017).

5. Explain and elaborate the alignments you have provided in the last column of Table 2:

a. What are the specific topics that you have learnt in ACCT 6004, which have helped you align the cost and management accounting knowledge and skills of the positions with the learning outcomes of ACCT 6004? 

Specific topics that have helped with respect to the Management accounting is the budgeting and forecasting. The other topics are Analytical thinking and implementation of plans and procedures in an organization.

b. To what extent do you think the subject learning outcomes are aligned to job requirements?

The subject learning is very well aligned with the job. It helps us to understand the working and the responsibilities that are been given to the management accountants. It provided an insight into the areas that need to be looked upon.

6. Reflect on your research:

a. What cost and management accounting knowledge and skills required for the positions but not taught in ACCT 6004?

Although all the main topics have been covered and taught under ACCT 6004 there is lack of the importance of the accounting tools that are there in the market and with which a management accountant must be familiar to it.

b. Do you think these knowledge and skills should, or should not, be covered in this subject ACCT 6004? Why?

These knowledge and skill should definitely be covered in this subject ACCT because it also helps them to understand that this software also plays a key role in getting a job. Most of the companies have preferred people having knowledge of SAP, Excel, BAS etc which can be a drawback.

References

1.Constantin, C. (2016). The importance of sales forecasting in establishing marketing strategies. Bulletin of the Transilvania University of Brasov. Economic Sciences. Series Vol. 9(1), p.3.

2.Karamatova, L. (2017). Management Accounting and ERP Systems: Factors behind the Choice of Information Systems when Exercising Management Accounting.

3.Pietrzak, ?. and Wnuk-Pel, T. (2015). The roles and qualities of management accountants in organizations–evidence from the field. Procedia-Social and Behavioral Sciences, 213, pp.281-285.

4.Zarzycka, E. (2012). Management Accountant's Role and Functions in the Enterprise Resource Planning Environment-Author's Own Research into Enterprises in Poland. Comparative Economic Research, 15(2), pp.47-64.