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Cost accounting is a branch of accounting that focuses on the systematic recording, classification, allocation, and analysis of costs associated with the production of goods or services within an organization. It provides detailed information about costs, which helps in decision-making, cost control, and overall management of business operations. Cost accounting refers to recording the costs of production involved in manufacturing the goods and delivering the services of a firm. It considers the fixed costs, which remain unchanged throughout the production process, and variable costs, which keep changing with respect to the stages through which the production passes. Cost Accounting is a method of accounting that considers all costs involved in performing any process, project or product. These costs are noted and analyzed to take strategic decisions. Read more about this method of accounting here. Cost accounting assists management to plan and control the business through budgeting for operations, capital budgeting for expanding operations, standard costing and the reporting of variances, transfer pricing, etc.
