Definition of Cost Accounting:

1. 01.   Cost accounting is primarily concerned with the accumulation and analysis of information relevant for internal use by managers for planning, controlling and decision making.
2. 02. Cost Accounting is a technique or method for determining the cost of a project, process or thing used by majority of the legal entities in a society or society or specifically prescribed by an authoritative accounting group. – By National Association of Accountants Statement on management accounting: management accounting techniques. Statement no. 02.

Cost accounting refers to the process of determining and accumulating the cost of some particular product or activity. It also covers classification, analysis and interpretation of costs. The costs so determined and accumulated may be the estimated future cost for planning purpose or actual (historical) costs for evaluating performance.