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

Professional and business services, which includes people working in the legal, accounting and consulting sectors, have cut about half a million jobs since mid 2023.

From The Wall Street Journal

The accounting scandal raised questions about others’ involvement.

From The Wall Street Journal

The Gulf is a major source of aviation fuel, accounting for about 50% of Europe's imports.

From BBC

A number of factors, including currency translation, a pullback in insurance underwriting and the way some holdings such as Occidental Petroleum are treated for accounting purposes painted a false picture of weakness.

From The Wall Street Journal

Power suppliers want to make sure that if demand doesn’t grow enough, they still have enough commitments in general to fund any increase in capacity, said Olga Usvyatsky, an accounting consultant.

From The Wall Street Journal

Related Words

• bookkeeping
• computing