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Cost accounting is a systematic process of recording, classifying, analyzing, summarizing, and reporting on costs associated with an organization's operations. It involves identifying and tracking the various expenses incurred during the production or delivery of goods and services, including direct materials, labor, and overhead costs. Cost accounting provides financial managers with detailed information about the cost structure of their business, enabling them to make informed decisions about pricing strategies, product mix, and resource allocation. By analyzing cost data, sales teams can also develop effective sales strategies that take into account the true cost of producing and delivering products, ensuring profitability and long-term success for the organization.