Cost accounting is a type of managerial accounting that focuses on the cost structure of a business. It assigns costs to products, services, processes, projects and related activities.

You can use cost accounting and managerial accounting information to develop cost and management budgets. A budget takes a long-term view of your company's dollars-and-cents financial operations.

Managerial accounting involves tracking, analyzing, and reporting the economic costs of business activities. Practitioners create detailed cost breakdowns that financial accounting often glosses ...