Management control-point where actual costs incurred are accumulated and compared with the budgeted costs. A cost accountant typically reports to the controller or similar position. The cost accountant is responsible for all aspects of the monthly accounting cycle ensuring timely and accurate preparation of the operating cost, income and balance sheet statements of various entities. A cost accountant typically focuses on the following activities: preparation of the monthly operating cost, income and balance sheet statements, journal entries as required to complete the monthly financial close process, tracking and calculating accurate operating costs, variance analysis, participate in the budgeting and forecasting process as well as other related activities.