A company has a single AWS account that contains resources belonging to several teams.

Comprehensive and Detailed Explanation:

To track costs associated with different teams within a single AWS account, the company should implement user-defined cost allocation tags.

Tagging Resources with CostCenter: Assign the CostCenter tag to all resources, specifying the appropriate value for each team. This practice enables the organization to categorize and track AWS costs effectively.

Activating the CostCenter Tag: After tagging resources, activate the CostCenter tag in the AWS Billing and Cost Management console. Activation is necessary for the tags to appear in cost allocation reports and AWS Cost Explorer.

By following these steps, the company can generate detailed billing reports that break down costs by team, facilitating better cost management and accountability.