This can be described as the process of accumulating, 
measuring, analyzing, interpreting and reporting cost 
information that is both useful and relevant to the 
internal and external stakeholders of a business entity.

The accounting focused on determining the cost per unit of 
a manufacturer in order to value inventory and cost of 
goods sold. It is also used to determine unit costs of 
items processed in service businesses, such as a bank's 
cost to process a check or deposit.