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 company implemented new accounting software to streamline how they track and report their financial data."
the occupation of maintaining and auditing records and preparing financial reports for a business
"After graduating, she secured her first job in accounting to manage the company's financial records."
a bookkeeper's chronological list of related debits and credits of a business; forms part of a ledger of accounts
"The auditor spent hours reviewing the accounting entries to ensure every debit matched its corresponding credit in the general ledger."
a statement of recent transactions and the resulting balance
"they send me an accounting every month"
The development and use of a system for recording and analyzing the financial transactions and financial status of an individual or a business.
"After years of managing cash flow in spreadsheets, Sarah hired a professional to help her establish proper accounting for her expanding bakery."
In plain English: Accounting is the process of recording and tracking money coming in and going out to see how much you have left.
"The company hired a new person to handle their accounting and tax filings."
Usage: Accounting refers to the systematic process of recording, summarizing, and reporting financial transactions to determine a business's economic health. Use this term when discussing the profession itself or the specific records generated by that profession, rather than for general bookkeeping tasks alone.
present participle of account
"The company is currently accounting for a significant increase in its quarterly profits due to new market trends."
In plain English: To account for something means to give a clear explanation of where it went or how much was spent.
"The accountant is currently accounting for every expense in this quarter's report."
Usage: Do not use "accounting" as a verb to describe the action of explaining or giving reasons; instead, use the base form "account." The word "accounting" functions only as a noun referring to the financial profession or record-keeping system.
Of or relating to accounting.
"The new software update was designed specifically for financial reporting and tax compliance, making it ideal for our accounting department's needs."
"The accounting department prepared the monthly financial reports."
Usage: Use "accounting" as an adjective only when describing something directly related to the practice of recording financial transactions, such as accounting software or accounting standards. Avoid using it to mean "accurate," as that is a common error where people confuse the noun with the word "accountable."
The word accounting first appeared in the late 14th century by adding the suffix "-ing" to the verb "account." It originally referred to the act of giving an explanation or report.