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

Constellation produces most of its power with 21 nuclear reactors spread across several states, accounting for about a quarter of America’s nuclear generation.

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The International Energy Agency, in fact, sees data centers in advanced economies accounting for 20% of the growth in power demand over the next five years.

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The SEC enforces the FASB’s accounting standards for public companies, but has only an indirect involvement in its operations.

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Net written premiums, which represents the total premiums an insurance company retains after accounting for reinsurance, rose 1% to $11.47 billion, but just shy of the mark expected by analysts of $11.69 billion.

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Few are facing more questions than Jefferies Financial Group JEF 1.45%increase; green up pointing triangle , a supporting player in the finance world that now finds itself in the harsh spotlight of an accounting scandal.

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Related Words

• bookkeeping 
• computing