Define cost accounting ?

Cost accounting is a branch of accounting that focuses on the identification, measurement, analysis, and allocation of costs associated with producing goods or services. It involves tracking and recording all costs incurred in the production process, including direct materials, direct labor, and overhead costs. The purpose of cost accounting is to provide management with accurate and relevant information for decision-making, such as pricing, budgeting, and cost control. It helps businesses determine the cost of producing each unit of output, evaluate the profitability of products or services, and identify areas for cost reduction or efficiency improvement.

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