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.

---

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

---

accounting Cultural  

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

---

Etymology

Origin of accounting

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

Example Sentences

Accurately accounting for these factors is essential for drawing firm conclusions from the data.

From Science Daily

Private equity-backed accounting firms are watching Andersen’s listing debut as they weigh eventual public listings of their own businesses.

From The Wall Street Journal

Investment has been a driver of China’s GDP, accounting for 40%.

From Barron's

We would be paying accounting fees on seven separate trusts for years to come.

From The Wall Street Journal

She planned to study accounting, after an academic advisor said it would be the best route to maximize the highest paying career for the least amount of school.

From Los Angeles Times

Related Words

• bookkeeping
• computing