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Cost accounting is a specialized branch of accounting concerned with recording, analyzing, allocating, and reporting on the costs associated with producing goods or providing services within an organization. It encompasses financial data collection, cost accumulation, and analysis to facilitate business decision-making, planning, and control. Cost accounting employs various techniques like job order costing, process costing, activity-based costing, and standard costing to determine the total cost of products or services. This information is used by managers for budgeting, pricing, and operational efficiency analysis, making it an essential tool in business management and strategic planning.