Accounting: Definition with Accounting Pictures and Photos

Definition of Accounting

1. Noun. A convincing explanation that reveals basic causes. "He was unable to give a clear accounting for his actions"

Generic synonyms: Account, Explanation

2. Noun. A system that provides quantitative information about finances.

Examples of category: Internal Control, Unearned Income, Unearned Revenue, Straight-line Method, Straight-line Method Of Depreciation, Write-down, Write-off, Good Will, Goodwill, Limited Review, Review, Inventory, Debit, Unbalanced
Generic synonyms: System, System Of Rules
Specialized synonyms: Balance Of International Payments, Balance Of Payments, Current Account
Derivative terms: Account

3. Noun. The occupation of maintaining and auditing records and preparing financial reports for a business.

Exact synonyms: Accountancy
Generic synonyms: Business, Job, Line, Line Of Work, Occupation
Specialized synonyms: Cost Accounting, Bookkeeping, Clerking, Inventory Accounting
Examples of category: Carry Forward, Carry Over
Derivative terms: Accountant, Account

4. Noun. A bookkeeper's chronological list of related debits and credits of a business; forms part of a ledger of accounts.

Exact synonyms: Accounting System, Method Of Accounting
Group relationships: Account Book, Book, Book Of Account, Ledger, Leger
Specialized synonyms: Control Account, Accounting Entry, Entry, Ledger Entry, Credit Side, Debit Side, Accrual Basis, Cash Basis, Pooling Of Interest, Audit, Audited Account, Limited Review, Review
Generic synonyms: Register
Derivative terms: Account

5. Noun. A statement of recent transactions and the resulting balance. "They send me an accounting every month"

Exact synonyms: Account, Account Statement
Generic synonyms: Financial Statement, Statement
Specialized synonyms: Capital Account, Capital Account, Profit And Loss, Profit And Loss Account, Suspense Account, Expense Account, Travel And Entertainment Account
Terms within: Balance
Derivative terms: Account

Definition of Accounting

1. Verb. (present participle of account) ¹

2. Noun. (context: accounting) The development and use of a system for recording and analyzing the financial transactions and financial status of a business or other organization. ¹

3. Noun. A relaying of events; justification of actions. ¹

¹ Source: wiktionary.com