A branch of accounting that provides information to help the management of a firm evaluate production costs and efficiency. Bloomberg Financial Dictionary
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cost accounting UK US noun [U]
► ACCOUNTING the process in which all the costs of a business activity or production process or activity are examined in order to help managers decide how to make profits or save money: »
We shall be implementing a new cost accounting system.
→ See also FINANCIAL ACCOUNTING(Cf. ↑financial accounting), MANAGEMENT ACCOUNTING(Cf. ↑management accounting)
Financial and business terms. 2012.