ECONOMICS

Detailed explanation-1: -Cost accounting records both monetary and units.

Detailed explanation-2: -Cost accounting is a form of managerial accounting that aims to capture a company’s total cost of production by assessing the variable costs of each step of production as well as fixed costs, such as a lease expense.

Detailed explanation-3: -Cost Accounting refers to the classifying, recording and appropriate allocation of expenditure for the purpose of determining the costs of products or services. It also helps in the presentation of arranged data for the control purposes and guidance to the management.

Detailed explanation-4: -Cost accounting helps zero in on your expenses and how they apply to each aspect of your business. Cost accounting focuses on the expenses involved with running your business. It is a common form of accounting for manufacturing businesses, as it allows them to break out costs for each product they produce.