Accounting meaning

ə-kountĭng
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.

noun
17
6
A statement of debits and credits.
noun
15
6
The bookkeeping methods involved in making a financial record of business transactions and in the preparation of statements concerning the assets, liabilities, and operating results of a business.
noun
11
2
The principles or practice of systematically recording, presenting, and interpreting financial accounts.
noun
9
2
(accounting) The development and use of a system for recording and analyzing the financial transactions and financial status of a business or other organization.
noun
6
2
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The act or a system of establishing how the assets of a business, estate, trust, or other similar entity were managed and disposed of.
noun
5
2
A settling or balancing of accounts.
noun
3
1
A system that measures, organizes, and communicates financial information about a specific business, government, or other entity.
3
1
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.
noun
3
1
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.
noun
2
1
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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.
noun
1
1
Present participle of account.
verb
0
1
A relaying of events; justification of actions.

He was required to give a thorough accounting of his time.

noun
0
1

Origin of accounting

  • First attested in the late 14th century.

    From Wiktionary

  • account +‎ -ing

    From Wiktionary