Definitions for Accountingəˈkaʊn tɪŋ
This page provides all possible meanings and translations of the word Accounting
Random House Webster's College Dictionary
the system or occupation of setting up, maintaining, and auditing the books of a firm and of analyzing its financial status and operating results.
a detailed report of the financial state or transactions of a person, company, etc.
Origin of accounting:
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 occupation of maintaining and auditing records and preparing financial reports for a business
accounting, accounting system, method of accounting(noun)
a bookkeeper's chronological list of related debits and credits of a business; forms part of a ledger of accounts
account, accounting, account statement(noun)
a statement of recent transactions and the resulting balance
"they send me an accounting every month"
Kernerman English Learner's Dictionary
the process of keeping financial records
The development and use of a system for recording and analyzing the financial transactions and financial status of a business or other organization.
A relaying of events; justification of actions.
He was required to give a thorough accounting of his time.
Origin: * First attested in the late 14th century.
U.S. National Library of Medicine
System of recording financial transactions.
Accountancy, or accounting, is the production of financial records about an organization. Accountancy generally produces financial statements that show in money terms the economic resources under the control of management; selecting information that is relevant and representing it faithfully. The principles of accountancy are applied to accounting, bookkeeping, and auditing. Many tedious accounting practices have been simplified with the help of computer software. Enterprise resource planning software provides a comprehensive, centralized, integrated source of information that companies can use to manage all major business processes, from purchasing to manufacturing to human resources. This software can replace up to 200 individual software programs that were previously used. Computer integrated manufacturing allows products to be made and completely untouched by human hands and can increase production by having less errors in the manufacturing process. Computers have reduced the cost of accumulating, storing, and reporting managerial accounting information and have made it possible to produce a more detailed account of all data that is entered into any given system. Computers have changed business to business interaction through e-commerce. Rather than dealing with multiple companies to purchase products a business can purchase a product at a less expensive price and take out the third party and vastly reduces expenses companies once accrued. Inter-organizational information system enable suppliers and businesses to be connected at all times. When a company is low on a product the supplier will be notified and fulfill an order immediately which eliminates the need for someone to do inventory, fill out the proper documents, send them out and wait for their products.
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