accounting

American  

[uh-koun-ting] / əˈkaʊn tɪŋ /

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.

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accounting British  

/ 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

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accounting Cultural  

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

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Etymology

Origin of accounting

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

Example Sentences

In 2024, its accounting firm Ernst & Young resigned, citing an unwillingness to be “associated with the financial statements prepared by management,” although a board-appointed independent committee found no evidence of fraud or misconduct.

From Barron's

The accounting method a taxpayer uses when they put equipment into service and then depreciate the asset is much less emotional, but keeping it consistent is equally important.

From MarketWatch

The Philippines and Indonesia are highly sensitive to persistent oil price shocks, with energy accounting for a significant share of their CPI baskets.

From The Wall Street Journal

Simon majored in accounting at Indiana University, where he spent his spare time reading, attending Hoosiers basketball games and pursuing fellow student Jacqueline Freed.

From The Wall Street Journal

Liaw, who wasn’t named in the SEC’s investigation, stepped down in 2018 alongside the company’s former finance chief, who was charged with accounting violations.

From The Wall Street Journal

Related Words

• bookkeeping
• computing