Cost accounting is a management tool used to measure, organize and control the costs associated with running a business. It helps a company determine what those costs are and how they can be better managed. By taking into account the fixed costs, variable costs, and other expenses related to product production or sales, cost accounting systems provide an accurate picture of how money is being spent. This information enables businesses to make informed decisions about their operations, allowing them to maximize profitability and remain competitive in their industry. In short, cost accounting systems are essential for businesses that want to keep their costs (and profits!) under control.