COST AND MANAGEMENT ACCOUNTING

Cost and Management Accounting is a branch of accounting that focuses on recording, analyzing, and controlling the costs involved in business operations while also helping management make effective financial decisions. It provides detailed information about production costs, budgeting, cost control, profit planning, and performance evaluation to improve the efficiency and profitability of an organization. Unlike financial accounting, which mainly reports financial results to external users, cost and management accounting is primarily used internally by managers for planning, decision-making, and strategic control. It plays a vital role in reducing waste, maximizing resources, setting product prices, and achieving organizational goals effectively.