Question

What is cost accounting?

Answer 1

cost accounting:    

#A method of accounting in which all costs incurred in carrying out an activity or accomplishing a purpose are collected, classified, and recorded. This data is then summarized and analyzed to arrive at a selling price, or to determine where savings are possible.

#In contrast to financial accounting (which considers money as the measure of economic performance) cost accounting considers money as the economic factor of production.

Answer 2

the recording of all the cost incurred in a business in a way that it can improve its management.