This course is an introduction to cost accounting. Cost accounting is defined as "a systematic set of procedures for recording and reporting. Cost accounting is a form of managerial accounting that aims to capture a company's total cost of production by assessing the variable costs of each step of production as well as fixed costs, such as a lease expense.

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cost management information to assist in implementing the organization’s strategy. Cost management information consists of financial information about costs and revenues and non- financial information about customer retention, productivity, quality, and other key success factors for the organization. Cost management is the development and use of cost management information. The strategic role of the management accountant in an organization is explained in the definition of management accounting provided by the Institute of Management Accountants (IMA). Relevant additional information on the definition can be found in the IMA’s Statement on Management Accounting: Definition of Management Accounting. Management accounting is a profession that involves partnering in management decision making, devising planning and performance management systems, and providing expertise in financial reporting and control to assist management in the formulation and implementation of an organization’s strategy. Management accountants use their unique expertise (decision making, planning, performance management, and more), working with the organization’s managers, to help the organization succeed in formulating and implementing its strategy.