Cost Accounting

the third
major sphere of accounting, is
the process of determining the
cost of a specific output or
activity. Although it is sometimes
confused with the managerial
accounting function, cost
accounting information is used
by decision makers both inside
and outside an organization.
Cost and managerial accounting
differ in that the latter goes
beyond the role of cost
accounting by combining
multiple management
disciplines with financial
information to facilitate internal
decision making. Thus, cost
accounting may be seen as a
necessary component of
managerial accounting, but its
focus is much narrower