accounting

[ uh-koun-ting ]

noun

1. the theory and system of setting up, maintaining, and auditing the books of a firm; art of analyzing the financial position and operating results of a business house from a study of its sales, purchases, overhead, etc. ( bookkeeping ).
2. a detailed report of the financial state or transactions of a person or entity:

   an accounting of the estate.

3. the rendering or submission of such a report.

accounting

/ əˈkaʊntɪŋ /

noun

1. 1. the skill or practice of maintaining and auditing accounts and preparing reports on the assets, liabilities, etc, of a business
   2. ( as modifier )

      an accounting period

      accounting entity

accounting

1. The system of recording and auditing business transactions. ( See audit .)

Word History and Origins

Origin of accounting¹

First recorded in 1350–1400; Middle English; account + -ing ¹

Example Sentences

Nearly one in three people doing a T-level in health and science drop out in their first year, while a third of those on legal, finance and accounting courses fail to finish.

From BBC

Only legal, finance and accounting courses had a higher rate, with 33%.

From BBC

Canada is currently the world’s second largest producer of uranium, accounting for roughly 13% of the total global output, according to the Canadian government.

From BBC

A health board executive member will resign after "deliberate" incorrect accounting was found in her department two years ago.

From BBC

Many sub-postmasters were wrongly sent to prison for false accounting and theft, and several more were financially ruined.

From BBC

Related Words

• bookkeeping
• computing