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The knowledge and understanding of cost accounting is an integral part of learning the overall nature of accounting and is one of the varied aspects of accounting available for careers in this field. Modernization of industry in this globalized world has also increased the importance of cost accounting. Cost accounting is helpful in making a number of business decisions. By evaluating the actual costs versus the anticipated benefit, a company can prevent the purchase of unnecessary goods and services, or alter the current operational model in a manner that will increase efficiency. Whether utilized to evaluate the status of a department within the company or as a tool to project the feasibility of opening new locations or closing older ones, cost accounting can provide important data that may impact the final decision. Product development and marketing strategies are also informed by the utilization of cost accounting.