Assignment 3: Benefits of Cost Accounting

You are a consultant for Blue Sky Consulting in the small town of Centervale. After 30 years of saving for retirement you discuss with your boss the possibility of early retirement. Your boss is open to the idea but he is finding that cost accountants are hard to find. You decide to be proactive and place a call to the local university. While lunching with Lindsey Michaels, Dean of the Accounting Department, she invites you to talk to the accounting club. You thank Dr. Michaels for the opportunity and begin planning your talk. You also realize your replacement might be sitting in the audience.

Use the AU library to conduct research on the benefits of cost accounting as a career. Reference at least one resource in your response.

Your paper should include the following information:

• Discuss cost management as a profession
• Name three professional cost management organizations and explain their roles.
• Where in the corporate, not for profit, areas would cost accountants work and what types of work would they do?
• Differentiate between financial and cost accounting as well as its opportunities and applications.
• Discuss and explain how cost management information is developed and used within the organizations information value chain.
• Explain how cost management fits into a corporate strategy given the global competitive environment? What role does the Internet play in the information gathered by cost management?