Question

What is cost accounting

Answer 1

To put it simply...a cost accountant is a professional who tracks business expenses and liabilities. They work closely with a company’s other financial professionals, such as the accountant or CFO, and maintain records of the company’s financial activities in terms of costs and income.

Answer 2

Cost accounting is a branch of accounting that deals with determining and analyzing the costs of products, processes, or services. It involves tracking, classifying, and allocating the costs of production and providing management with data that is useful for decision-making and planning. The aim of cost accounting is to help an organization to understand the costs of production and to determine the best methods for reducing costs and increasing profitability. It is an essential tool for cost control and cost reduction, and it plays a key role in determining prices and making pricing decisions.

Step-by-step explanation: