- the principles or practice of systematically recording, presenting, and interpreting financial accounts
- a statement of debits and credits
- a settling or balancing of accounts
The definition of accounting is the process of systematically recording and managing financial accounts.
Preparing a Profit and Loss Statement is an example of accounting.
The practice or profession of maintaining the financial records of a business, including bookkeeping as well as the preparation of statements concerning the assets, liabilities, and operating results.
- Present participle of account.
- First attested in the late 14th century.
- account + -ing
accounting - Investment & Finance Definition
A system that measures, organizes, and communicates financial information about a specific business, government, or other entity.
accounting - Legal Definition
- The act or a system of establishing how the assets of a business, estate, trust, or other similar entity were managed and disposed of.
- In equity, a legal action to require one, usually a fiduciary or a constructive trustee, to account for and pay over funds held by them but owed to another. See also account.
- In equity, a legal action for the recovery of funds owed for services performed, property sold, money loaned, or for damage for the incomplete performance of minor contracts. See also account.
- A legal action to complete or settle all of a partnership’s affairs. Usually done in connection with the dissolution of the partnership or with allegations of a partner’s misconduct. See also winding up.
- Moliere's manner of accounting for this is famous in literary history or legend.
- Finally, there is the same set of problems in respect to accounting and control in local as in central finance.
- Most of the pigs sent from Ireland into Great Britain are fat, the store pigs accounting for less than one-tenth of the total number.
- Several causes are recognized by these writers as accounting for the failure of the Crusades.
- If to these causes be added a certain exclusiveness, which refused to meet a would-be convert more than half-way, we find no difficulty in accounting for the reluctance which the medieval and modern synagogue has felt on the subject.