Accounting

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Accounting Meaning and Definition in Dictionary

Definitions from Wordnet 2.0


  • the occupation of maintaining and auditing records and preparing financial reports for a business
  • a system that provides quantitative information about finances
  • a convincing explanation that reveals basic causes; "he was unable to give a clear accounting for his actions"
  • a statement of recent transactions and the resulting balance; "they send me an accounting every month"
  • a bookkeeper''s chronological list of related debits and credits of a business; forms part of a ledger of accounts

Definitions from Wiktionary


  • a convincing explanation that reveals basic causes; "he was unable to give a clear accounting for his actions" ,
  • a system that provides quantitative information about finances ,
  • the occupation of maintaining and auditing records and preparing financial reports for a business ,
  • a bookkeeper's chronological list of related debits and credits of a business; forms part of a ledger of accounts ,
  • a statement of recent transactions and the resulting balance; "they send me an accounting every month"

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Accounting Meaning and Definition in Wikipedia


Accountancy or accounting is the job of sharing financial information about a business to managers and shareholders (people who have invested in the business). Accounting is often called the "language of business". Accountants are people who do accounting, and also carry out the auditing or checking of a company's books and records. In Britain, this auditing is often carried out by a qualified person called a "chartered accountant".

When accountants do accounting work, they write in the books of account (ledgers) that belong to a company. Every time money is spent or earned, it is written in the ledger. The information in the ledger is used to prepare the company accounts monthly, quarterly (every three months) and annually (every year). These annual accounts show what money the company has taken in over time and what it has spent money on. It also shows if the company made a profit in the year (if it made more money than it spent), who owes the company money, who the company owes money to, and any big expensive items the company has bought which they expect to use for many years. Lenders, managers, investors, tax authorities (the people who collect taxes for the government) and other decision-makers look at these annual accounts. Managers and investors look at the ledger and make decisions about how to spend money in the future. Lenders like banks look at the accounts before they lend money to the company. Tax authorities look at them to check that the company is paying the correct amount of taxes.



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'Accounting' example sentence in quotations


* To state the facts frankly is not to despair the future nor indict the past. The prudent heir takes careful inventory of his legacies and gives a faithful accounting to those whom he owes an obligation of trust. - John Fitzgerald Kennedy

* The Social Sciences are good at accounting for disasters once they have taken place. - Claude T Bissell


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Accounting Sample Sentences in News



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