Cost Accounting

Cost Accounting is the process of recording, analyzing, and controlling costs associated with production. It helps management in planning, controlling expenses, fixing prices, and improving efficiency. It is important because it assists in cost reduction, profit maximization, decision making, and proper utilization of resources.

Cost Accounting focuses on determining, recording, and controlling costs of production to improve efficiency and profitability. Step 1: Analyze the options.
- Financial transactions — Financial Accounting - Determination and control of costs — Correct ✔ - Preparation of final accounts — Financial Accounting - Profit calculation only — Too limited
Step 2: Conclusion.
Thus option (B) is correct.
Final Answer: