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 accounting, software has automated large portions of bookkeeping and tax preparation without eliminating accountants, who have moved up the value chain toward advisory, forensic and judgment-intensive work.

From The Wall Street Journal

He’s saddled with a large bag of receipts that is his job to sort through — a perfect symbol of the domestic wreckage that’s still in need of a thorough accounting.

From Los Angeles Times

The projected decline in net migration is a sudden shift from the 3.3 million people that the Congressional Budget Office estimated immigrated to the U.S. in 2023—accounting for most of the total population growth.

From Barron's

The company’s stock dropped 24% the day after it disclosed its own internal investigation into the accounting practices.

From The Wall Street Journal

He studied accounting at the University of Oregon.

From The Wall Street Journal

Related Words

• bookkeeping
• computing