Accounting

/əˈkaʊntɪŋ/

Meaning & Definition

noun

the process of recording, classifying, and summarizing financial transactions to provide useful information for stakeholders.

After completing her degree, she secured a job in the accounting department of a large corporation.

the systematic recording and reporting of financial transactions and the maintenance of financial records.

Accounting standards must be followed to ensure the accuracy of the financial statements.

the profession or field of study related to the management of financial accounts.

He decided to pursue a career in accounting due to his interest in finance.

the calculations involved in financial reporting and budgeting.

The accounting for the project showed a significant variance from the initial budget.

the practice of tracking and managing finances and resources.

Proper accounting practices are essential for the sustainability of any business.

Derived from the Old French 'aconter' meaning to count or to reckon, from 'a' (to) + 'conter' (to count).

managerial accounting

A type of accounting focused on internal reporting and decision-making.

financial accounting

Accounting aimed at providing financial information to external users.

tax accounting

The accounting method used for tax purposes, ensuring compliance with tax laws.

accountant

A professional who maintains and audits financial records.

audit

An official inspection of an individual's or organization's accounts.

financial statement

A formal record of the financial activities of a business.

Crunching numbers

He's good at crunching numbers; he works in accounting.

Number cruncher

As a number cruncher, she handles all the accounting tasks.