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accounting Definition

ac·count·ing (ə ko̵unt′iŋ)

noun

  1. the principles or practice of systematically recording, presenting, and interpreting financial accounts
  2. a statement of debits and credits
  3. a settling or balancing of accounts

accounting Finance Definition
A system that measures, organizes, and communicates financial information about a specific business, government, or other entity.
accounting Law Definition

n

  1. The act or a system of establishing how the assets of a business, estate, trust, or other similar entity were managed and disposed of.
  2. 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.
  3. 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.
  4. 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.
accounting Usage Examples

Converse of object

  • computerize: For those that do not we can help them convert to computerized accounting with a fixed price installation and training program.
  • simplify: Yet is there... read this review compare prices Intuit - QuickBooks 2006 Regular small business accounting simplified - 23/03/2006 Forget woodchucks.

Preposition: for

  • VAT: This would make accounting for VAT far easier " .

Adjective modifier

  • equitable: In all the circumstances, there should not be any equitable accounting in respect of the cost of improvements to the property.
  • forensic: Forensic accounting Quantifying losses arising from thefts, frauds and accidents.
  • hedge: Such a standard is likely to cover hedge accounting as well as the reporting of gains and losses on financial instruments.
  • false: Crime: if the employer's folk were riddled with dishonesty it is conspiracy; a variety of attempts to and false accounting.
  • financial: We discuss the role of financial accounting within society.

Modifies a noun

  • period: These records must be kept for six years from the end of the accounting period.
  • standard: Accounting standards are not set in an ' ivory tower ' .
  • profession: Thirdly, the accounting profession is quite influential in Hong Kong.
  • firm: Not be aware want at a from her accounting firm.
  • irregularity: They claimed they were fired from the company for refusing to conceal the accounting irregularities.
  • record: The majority of our clients will be maintaining their accounting records on computer.

Noun used with modifier

  • accrual: For example, the SAI used interchange options for the staff to gain experience on auditing accrual accounting in government.
  • double-entry: Write down ideas, plans, recollections, etc. Writing things down is kind of like a double-entry accounting system.
  • merger: International Accounting Standards ( IASs ) at present recognize both merger accounting and acquisition accounting.
  • cash: Businesses with a turnover of £ 600,000 or less can choose annual accounting or cash accounting.
  • VAT: Broadly, the VAT accounting liability will fall on the purchaser rather than the seller.
  • management: Course content: Topics studied on this course cover a broad range of management accounting skills.
accounting Quotes

An efficient organization is one in which the accounting department knows the exact cost of every useless administrative procedure which they themselves have initiated.

—Steacie, E W

Capital accounting in its formally most rational shape†presupposes the battle of man with man.

—Weber, Max

Bourgeois society is infected by monomania: the monomania of accounting. For it, the only thing that has value is what can be counted in francs and centimes. It never hesitates to sacrifice human life to figures which look well onpaper, suchasnational budgets or industrial balance sheets.

—Weil, Simone