What is the definition of cost accounting?

Answer by  ellajavier (24)

Cost accounting is an approach to evaluating the over-all budgeted and actual costs of products, processes and operations in a department. It aids with decision making of managers to be able to reduce cost and improve profitability. The principles of cost accounting can also be utilized to project changes to these costs in cases where specific changes are implemented.

Answer by  jtdwyer (22)

Cost accounting- the area of accounting used to dictate what costs should be cut and measures taken to improve profitability. It gives a detailed synopsis of a companies current costs.