What is the objective of cost accounting?
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The primary objective of cost accounting is to provide management with relevant and reliable information regarding the costs incurred by an organization in its various activities. This information aids decision-making processes, facilitates cost control measures, assists in cost reduction initiatives, and enables performance evaluation. By accurately tracking and analyzing costs, cost accounting helps businesses improve efficiency, optimize resource utilization, and enhance profitability. Additionally, cost accounting contributes to strategic planning, budgeting, pricing decisions, and overall financial management within an organization.