accounting definition | Dictionary.com

ac⋅count⋅ing

[uh-koun-ting]

–noun

1.	the theory and system of setting up, maintaining, and auditing the books of a firm; art of analyzing the financial position and operating results of a business house from a study of its sales, purchases, overhead, etc. (distinguished from bookkeeping ).

2.	a detailed report of the financial state or transactions of a person or entity: an accounting of the estate.

3.	the rendering or submission of such a report.

Origin:
1350–1400; ME; see account, -ing ¹

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ac⋅count

[uh-kount]

–noun

1.	an oral or written description of particular events or situations; narrative: an account of the meetings; an account of the trip.

2.	an explanatory statement of conduct, as to a superior.

3.	a statement of reasons, causes, etc., explaining some event.

4.	reason; basis: On this account I'm refusing your offer.

5.	importance; worth; value; consequence: things of no account.

6.	estimation; judgment: In his account it was an excellent piece of work.

7.	an amount of money deposited with a bank, as in a checking or savings account: My account is now with Third National.

8.	Also called charge account. an accommodation or service extended by a business to a customer or client permitting the charging of goods or services, the returning for credit of unsatisfactory merchandise, etc.: Do you have an account at this store? My account with the restaurant is past due.

9.	a statement of financial transactions.

10.

Bookkeeping.

a.	a formal record of the debits and credits relating to the person, business, etc., named at the head of the ledger account.

b.	a balance of a specified period's receipts and expenditures.

11.

Commerce.

a.	a business relation in which credit is used.

b.	any customer or client, esp. one carried on a regular credit basis.

c.	Also called advertising account. the business assigned to an advertising agency by a client: The toothpaste account was awarded to a new agency last year.

–verb (used without object)

12.	to give an explanation (usually fol. by for): to account for the accident.

13.	to answer concerning one's conduct, duties, etc. (usually fol. by for): to account for the missing typewriters.

14.	to provide a report on money received, kept, and spent.

15.	to cause (usually fol. by for): The humidity accounts for our discomfort. His reckless driving accounted for the accident.

–verb (used with object)

16.	to regard; consider as: I account myself well paid.

17.	to assign or impute (usually fol. by to): the many virtues accounted to him.

—Idioms

18.

call to account,

a.	to hold accountable; blame; reprimand: Call them to account for having endangered their lives.

b.	ask for an explanation of.

19.	give a good (bad, etc.) account of, to do something or conduct oneself in a good (bad, etc.) manner: She gave a good account of herself in the tennis tournament.

20.	hold to account, to hold responsible; hold accountable or culpable: If any of the silver is missing, I'm going to hold you to account.

21.	on account, as an installment or a partial payment: I can't pay the balance, but here's $10 on account.

22.

on account of,

a.	by reason of; because of.

b.	for the sake of: She saw it through on account of me.

23.	on all accounts, in any case; under any circumstances. Also, at all accounts.

24.	on no account, under no circumstances; absolutely not: On no account should you buy that painting without having it appraised.

25.

take account of,

a.	to make allowance for; consider: One must take account of the difficult circumstances. Taking account of the high overhead, the price is not excessive.

b.	to notice or observe.

Also, take into account.

26.	turn to account, to derive profit or use from; turn to advantage: She has turned her misfortunes to account.

Origin:
1225–75; (n.) ME a(c)ount(e), ac(c)ompte < AF, OF aco(u)nte, acompte; (v.) ME ac(co)unten < OF acunter, acompter. See ac-, count ¹

Synonyms:
1. report, chronicle. See narrative. 2. justification. 5. import, significance. 6. consideration.

Dictionary.com Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2009.
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Link To accounting

ac·count (ə-kount')

A narrative or record of events.
1. A reason given for a particular action or event: What is the account for this loss?
2. A report relating to one's conduct: gave a satisfactory account of herself.
3. A basis or ground: no reason to worry on that account.
4. A formal banking, brokerage, or business relationship established to provide for regular services, dealings, and other financial transactions.
5. A precise list or enumeration of financial transactions.
6. Money deposited for checking, savings, or brokerage use.
7. A customer having a business or credit relationship with a firm: salespeople visiting their accounts.
Abbr. a/c or acct.
1. A formal banking, brokerage, or business relationship established to provide for regular services, dealings, and other financial transactions.
2. A precise list or enumeration of financial transactions.
3. Money deposited for checking, savings, or brokerage use.
4. A customer having a business or credit relationship with a firm: salespeople visiting their accounts.
Worth, standing, or importance: a landowner of some account.
Profit or advantage: turned her writing skills to good account.

tr.v. ac·count·ed, ac·count·ing, ac·counts
To consider as being; deem. See Synonyms at consider. See Usage Note at as¹.
Phrasal Verb(s):
account for

To constitute the governing or primary factor in: Bad weather accounted for the long delay.
To provide an explanation or justification for: The suspect couldn't account for his time that night.

Idiom(s):
call to account

To challenge or contest.
To hold answerable for.

Idiom(s):
on accountOn credit.

Idiom(s):
on account ofBecause of; for the sake of: "We got married on account of the baby" (Anne Tyler).

Idiom(s):
on no accountUnder no circumstances.

Idiom(s):
on (one's) own account

For oneself.
On one's own; by oneself: He wants to work on his own account.

Idiom(s):
take into accountTo take into consideration; allow for.

[Middle English, from Old French acont, from aconter, to reckon : a-, to (from Latin ad-; see ad-) + cunter, to count (from Latin computāre, to sum up; see compute).]

ac·count·ing (ə-koun'tĭng)

n. The bookkeeping methods involved in making a financial record of business transactions and in the preparation of statements concerning the assets, liabilities, and operating results of a business.

accounting

The system of recording and auditing business transactions. (See audit.)

Accounting

To provide a record such as funds paid or received for a person or business. Accounting summarizes and submits this information in reports and statements. The reports are intended both for the firm itself and outside parties.

Investopedia Commentary

Concise accounting helps management make accurate decisions.

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Main Entry: ac·count·ing
Function: noun
1 : an often court-ordered presentment or examination of accounts accounting would be necessary to determine the nature of the expenditures —Case & Comment>
2 : the settlement by judicial action of the assets of a partnership (as upon dissolution)

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