what is cost accounting? The primary objectives of cost accounting are to determine the cost of products or services, control operational costs, and assist in decision-making. It provides detailed cost information that helps businesses set competitive prices, manage resources efficiently, and improve profitability. Cost accounting also aims to identify areas of waste, inefficiencies, and budget variances. By offering insights into cost behavior, it supports strategic planning, cost reduction, and performance evaluation. Ultimately, the goal is to enhance productivity and financial health through better control over production and service delivery costs.