What is cost accounting

Question

What is cost accounting

Answer 1

A type of accounting that focuses on recording, defining, and reporting costs associated with specific operating functions  

Answer 2

Cost accounting on the otherhand deals with management accounting which involves recording, allocation and apportionment of costs to cost and revenue centres so that management can clearly derive the viability and/or profitability of those centres.  

I believe cost accounting unlike financial accounting handles present and not historical recording.

AK