Final answer:
The process of identifying and combining all of the costs involved in manufacturing a product or providing a service is called cost accounting.
Step-by-step explanation:
The process of identifying and combining all of the costs involved in manufacturing a product or providing a service is called cost accounting.Cost accounting is an essential part of business operations as it helps companies track and analyze their expenses. By accurately calculating costs, businesses can make informed decisions regarding pricing, production quantities, and overall profitability.Examples of costs that are included in cost accounting are direct labor, raw materials, overhead costs, and any other expenses directly related to the production or provision of the product or service.