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Cost accounting is a specialized branch of accounting concerned with recording, classifying, analyzing, and allocating costs incurred in the production or delivery of goods and services. It provides financial information to support management decision-making by identifying and quantifying the costs associated with various aspects of business operations, such as materials, labor, overhead, and product lines. This information is used for budgeting, pricing, profitability analysis, and process improvement, among other purposes. Cost accounting relies on generally accepted accounting principles (GAAP) and financial statement analysis, but it also employs specialized techniques and models to provide more detailed and accurate cost information than traditional financial reporting.