Accounting is all about the details. Without getting the nitty-gritty aspects of a financial feasibility analysis right, the entire analysis might be worthless, and the project could potentially end up costing significantly more than anticipated. Finding a cost-accountant who excels at working with details is vital to the success of this role. A good candidate will both display attention to detail and understand its importance in getting the job done. What to look for in an answer:

• Revises analysis frequently
• Ensures nothing was left unaccounted for
• Thirsts for excellence

A cost accountant needs to find ways to recover the money lost in creating the product, which usually determines the minimum selling price. The candidate should give a detailed response to this question, making it clear that they have a system for deciding what the best selling price should be. What to look for in an answer:

• Possesses a clear process for determining a product’s selling price
• Ensures the selling price will make up for the costs
• Demonstrates prior experience

A good cost accountant will take a look at all expenses and find ways to cut them. For this reason, an eye for potential inefficiencies is something you should look for in any candidate. Look for someone who gives a clear and detailed answer to this question. If they can tell you exactly how much they saved their former employer, that’s even better. What to look for in an answer:

• Knows how to find problems in a system
• Has an example from a previous job where they saved their employer money
• Demonstrates they’re great at finding alternatives that are less costly

Since mistakes can be expensive in the cost accounting job, it’s important that your candidate have some method for catching mistakes early on. Look for a candidate with a clear process for finding any problems within their data or calculations. The candidate should be able to take you through all the steps in their procedure and should demonstrate that they take care with the details. What to look for in an answer:

• Is detail-oriented
• Has a process for catching mistakes
• Possesses confidence for accuracy and error-catching

This question can give you an idea of your candidate’s passion and knowledge of the role. It can also give you a glimpse into their personality since their answer might give you an idea of why they chose to become a cost accountant in the first place. Ideally, look for a detailed and passionate answer and an explanation of what the importance of their role in your company is. What to look for in an answer:

• Passion about cost accounting
• Understanding of the importance of the role as it relates to the entire business
• Knowledge of the field

When hiring a highly educated role like a cost accountant, you want to ensure the candidate has the necessary knowledge to perform the role appropriately. Asking basic questions about accounting and its terms is a good way to gauge whether the person interviewing for the job has the right level of education and experience for the position. The candidate's answer should include:

• A definition of net incremental cash flow
• An explanation of its value
• How this term applies to the company