Explain the concept of cost accounting and its role in managerial decision$-$making. Discuss various cost allocation methods, such as job order costing, process costing, and activity$-$based costing, and how they contribute to cost control and financial planning.

Cost accounting provides detailed information on costs to aid in managerial decision$-$making and financial planning. Describe different cost allocation methods, including job order costing $($used for custom orders$),$ process costing $($for mass production$),$ and activity$-$based costing $($allocating costs based on activities$).$ Discuss how these methods help in controlling costs, setting pricing strategies, and budgeting. Explain their role in financial planning and decision$-$making by providing insights into cost behavior and profitability.