ACCOUNTING Definition & Meaning

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accounting

[ uh-koun-ting ]

Phonetic (Standard)IPA

noun

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 ).
a detailed report of the financial state or transactions of a person or entity:
an accounting of the estate.
the rendering or submission of such a report.

accounting

/ əˈ�첹ʊ�Գ�ɪŋ /

noun

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

The system of recording and auditing business transactions. ( See audit .)

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51�Թ� History and Origins

Origin of accounting¹

First recorded in 1350–1400; Middle English; account + -ing ¹

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Example Sentences

Examples have not been reviewed.

“So they send us cheap clothing and we send them accounting services. It’s a good deal. We would much rather be getting paid as accountants than getting paid as garment workers.”

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He declined to do that but, in place of sanctions, pressured the city to pay for an outside audit of its accounting for billions of dollars it has spent on homeless services.

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These skills included graphic design, data engineering, data analytics, accounting, artificial intelligence and specific coding languages.

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On average, the S&P 500 has returned roughly 10% per year over the long term, even accounting for events like the Great Recession.

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While the US remains Vietnam's biggest export market, China is its largest supplier of goods, accounting for more than a third of imports, according to the latest official data.

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