Cost accountingis a method of accounting that focuses on recording, analyzing, and controlling the costs of producing goods or providing services. It helps businesses determine the actual cost of operations by tracking expenses such as materials, labor, and overhead. Unlike financial accounting, which focuses on overall profitability and compliance, cost accounting aims to improve internal decision-making and efficiency. It’s widely used in manufacturing, production, and service industries to help management set prices, reduce waste, and maximize profit through better cost control.