Cost accounting helps companies calculate the total cost of a product to set its sale price and profit margin. It involves different types like standard, marginal, lean, and activity-based costing. By analyzing various internal costs like labor and materials, cost accounting helps improve business efficiency by controlling problems. The main goal is to assist managers in decision-making regarding product pricing, production cost control, and profit maximization. Cost accountants use cost sheets to estimate or determine the actual cost of a product, considering different costs incurred during manufacturing.