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After the first day of cost accounting, your friend says, "The role of accountants is to...

After the first day of cost accounting, your friend says, "The role of accountants is to report what happened. Why do we care about value creation? That's not my responsibility." Do you agree? Discuss. please answer in your own words.

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Answer #1

"The role of accountants is to report what happened , I disagree with the statement

The responsibilility of a cost accountants is not limited to reprt what is already happend , it includes

  • collect datas and forecast expenses nad budjets
  • inventory control
  • Evaluate production costs
  • forecast and prepare various budjets
  • effectie utilisation of available resoureses
  • idendify and give solutions to management whereever aplicable.
  • idendify opportunities and other related production techniques which heps us to effectively usage of available resoureses
  • Study the entire process , review and reccoment to the management.
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