Follow the below steps to achieve the desired result.
Note: These steps are applicable for the 'spadministrator' role only,
1. Login to CA EEM (with the corresponding CA Service Catalog application instance)
2. Manage Access Policies>Policies
3. Click on 'Launchpad' in the policies tree, as shown under 'Access Policies'.
4a. Search for and click on(open) Access Policy with name 'ACL_111_Launchpads'
4b. In section 'Access Policy Configuration'>'Resources'
5. Search for and delete 'launchpad__billing_management' and save the changes
6. Restart the CA Service Catalog service.
7. Login to CA Service Catalog server and Verify&Confirm the 'Accounting' tab is gone.