What is cost accounting? discuss briefly its important functions in a business firm.

Question: What is cost accounting? discuss briefly its important functions in a business firm.  

 Cost accounting is the process of analyzing, recording, and classifying costs associated with the production of goods or services. Its important functions in a business firm include cost control, cost estimation, budgeting, performance evaluation, and decision making. By providing management with accurate and relevant cost information, cost accounting helps businesses to make informed decisions, improve profitability, and manage costs effectively.

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