Cost Accounting

Cost. Accounting is the process of accounting for cost which begins with a recording of income and expenditure and ends with the preparation of statistical data. It is the formal mechanism by means by which the cost of products or services is ascertained and controlled. Cost accounting is the reporting and analysis of a company's cost structure. Cost accounting is a process of assigning costs to cost objects that typically include a company's products, services, and any other activities that involve the company.