accounting
/ə.ˈkaʊn.tɪŋ/ · ac·count·ing
verb
- To provide an explanation or justification for something. She is accounting for the sudden change in the schedule.
- To count or tally. The auditor is accounting the receipts from the fundraiser.
noun
- The development and use of a system for recording and analyzing the financial transactions and financial status of an individual or a business. He earned a degree in accounting and now works for a major firm.
- A relaying of events; justification of actions. The manager gave a thorough accounting of how the budget was spent.
- An equitable remedy requiring wrongfully obtained profits to be distributed to those who deserve them. The court ordered an accounting of the defendant's illicit earnings.
adjective
- Of or relating to accounting. They follow accounting standards when preparing their financial statements.
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Did you know? The term 'accounting' gave rise to the acronym GAAP—Generally Accepted Accounting Principles—which standardizes financial reporting across industries.