What is cost accounting?
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Cost accounting is a specialized branch of accounting that focuses on the recording, analysis, and reporting of costs within an organization. It involves the systematic collection of cost data related to various activities, such as production, distribution, and administration. The main objective of cost accounting is to provide management with accurate information for decision-making, cost control, and performance evaluation. By analyzing costs, cost accountants help businesses understand the cost structure of their products or services, identify areas for cost reduction, and improve overall efficiency.