Accounting
/əˈkaʊntɪŋ/
Definitions
The process of recording, summarizing, and reporting financial transactions.
/əˈkaʊntɪŋ/
The systematic recording and reporting of financial transactions
Accurate accounting is essential for tax purposes.
💡 Simply: Keeping track of money coming in and going out.
More Examples
She studied accounting in college and now works for a large firm.
How It's Used
"The company's accounting department is responsible for preparing financial statements."
"Good accounting practices are crucial for maintaining financial stability."
Idioms & expressions
cook the books
To falsify financial records.
"The CEO was arrested for cooking the books to hide company losses."
From Old French *compter (to count), from Latin *computare (to compute). The modern English word evolved through the Middle English 'acounting', reflecting a gradual shift in meaning and usage.
The term 'accounting' has evolved from simply counting to encompass a broad range of financial management practices.
Memory tip
Think 'counting' the accounts – that's what accounting is all about.
Word Origin
"to compute"