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The Cause and Effect of a Cost System
I tripped over a crack in the sidewalk and scraped my knee; it is raining outside and I got wet; my feet were cold so I put on socks and my feet are now warm. The sky is blue my hair is blonde; today...
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Recognition of Cost Accounting as a Profession: Standard #2
The creation of professional standards The creation of professional standards will likely be the most difficult part of the entire process of recognizing cost accounting as a profession. This is true...
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Recognition of Cost Accounting As a Profession: Standard #3
Professional Recognition Virtually all professions that I can think of have some method of recognizing professional proficiency achievements of their members. Examples include recognition in the form...
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Recognition of Cost Accounting As a Profession: Standard #4
The creation of an oversight board. Another component that occurs frequently in other professional organizations is the creation of an oversight board as part of the overall entity controlling the...
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Recognition of Cost Accounting As a Profession: Standard #5
Continuing educational requirements for the profession of cost accounting. In my opinion, progressive professional accountants are constantly being encouraged and/or required to maintain and expand...
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Cost Accounting for Everyone
We’re beginning our latest cost assignment this week, where we have been asked to assist a very successful start-up company operating in a high-tech industry. This entrepreneur is quite talented and...
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How To Set Work Standards
Many years ago, I was an industrial engineer working in a manufacturing plant that had a very detailed cost system with work measurement incentives built into the pay structure for the union employees....
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Cost Accounting is NOT Dead!
I recently was reading a blog post about how cost accounting is dead. This post talked about how all major manufacturing companies, especially Toyota, do not use cost accounting. According to this...
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What Type of CFO/Controller Are You?
Over the last few years, I have worked on a large number of costing assignments and spoke with many CFOs, controllers, and cost managers of medium to large sized companies about their costing issues....
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Role of A Cost Accountant
I recently spoke with a client concerning their cost accounting department. This particular organization was a manufacturer of automotive related products with a sophisticated cost system. The company...
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