Question

what is cost accounting

Answer 1

the recording of all the costs incurred in a business in a way that can be used to improve its management

Answer 2

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.