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What is "accounting"

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accounting
Longman Dictionary of Contemporary English
accounting
noun
COLLOCATIONS FROM OTHER ENTRIES
a law/accounting/advertising etc firm
▪ She was offered a job with a law firm.
creative accounting
the accountancy/accounting profession
▪ Many economics graduates enter the accountancy profession.
there’s no accounting for taste (=used humorously to say that you do not understand why someone likes something)
COLLOCATIONS FROM CORPUS
■ ADJECTIVE
creative
▪ The profession's worst problem is creative accounting.
current
▪ Standards such as those on depreciation and current cost accounting are so different from current practice that it is impossible to rationalize them.
▪ Moreover, current cost accounting strictly demands that a business's cash book be segregated into capital and revenue cash.
▪ In other words it is a part of the larger and even more complex issue of the relevance of current cost accounting.
▪ However, there are many public sector organizations which are unlikely to adopt current cost accounting.
▪ One of the objectives of current cost accounting is to produce a more acceptable income figure under conditions of rising prices.
false
▪ All three were charged with conspiracy to defraud, conspiracy to commit forgery, and false accounting.
▪ Fone is charged with three offences of theft involving a total of more than £40,000 and two offences of false accounting.
▪ Mr Nadir faced trial in September on charges of theft and false accounting.
▪ Mr Walker and former finance director Wilfred Aquilina were also charged with two counts of false accounting relating to the thefts.
financial
▪ With his support and encouragement I took my first somewhat unsteady steps towards the production of a unit in financial accounting.
▪ It is also important to note, at the outset, the distinction between financial accounting and management accounting.
▪ In order to deal with the problems of budgeting for this it is necessary to know something of company financial and cost accounting.
▪ Accounting Theory Accounting theory is conventionally concerned with financial accounting, i.e. with accounting to external providers of finance.
■ NOUN
cash
▪ Thus the recognition occurs one step earlier than under cash accounting.
▪ For example, one organization might adopt budgetary accounting, cash accounting and fund accounting simultaneously.
▪ Commitment accounting Commitment accounting is much less widely adopted in practice than either cash accounting or accruals accounting.
commitment
▪ Commitment accounting Commitment accounting is much less widely adopted in practice than either cash accounting or accruals accounting.
▪ Because this is its primary function, commitment accounting concentrates on orders issued.
cost
▪ Standards such as those on depreciation and current cost accounting are so different from current practice that it is impossible to rationalize them.
▪ In historic cost accounting, capital is measured as the initial capital invested.
▪ Moreover, current cost accounting strictly demands that a business's cash book be segregated into capital and revenue cash.
▪ In other words it is a part of the larger and even more complex issue of the relevance of current cost accounting.
▪ This is known as replacement cost accounting as opposed to historic cost accounting when the original cost is retained.
▪ However, there are many public sector organizations which are unlikely to adopt current cost accounting.
▪ Moreover, in all these examples we have assumed historic cost accounting.
depreciation
▪ Adding depreciation accounting to the existing system has, in the past, not been affordable.
▪ In fact, there is a real example of depreciation accounting being practised alongside payments in lieu of depreciation.
▪ The answer must be that it could not since the fact of adopting depreciation accounting severs the link with finance.
▪ Indeed, a significant part of it concerned the relevance of depreciation accounting.
fund
▪ Let us now examine the published accounts of a simplified local authority to see the effects of adopting fund accounting.
▪ Although the concept of fund accounting is relatively simple, specific applications of it can be difficult to understand.
▪ Fund accounting Fund accounting is a practice we were introduced to in Chapter 7.
▪ For example, one organization might adopt budgetary accounting, cash accounting and fund accounting simultaneously.
▪ Their accounts look very different from the nationalized industries because they adopt budgetary accounting and also because they adopt fund accounting.
▪ Therefore, we will postpone discussion of them until the section on fund accounting.
merger
▪ Five criteria must be met before merger accounting may be used.
■ VERB
adopt
▪ For example, one organization might adopt budgetary accounting, cash accounting and fund accounting simultaneously.
▪ However, there are many public sector organizations which are unlikely to adopt current cost accounting.
▪ Their accounts look very different from the nationalized industries because they adopt budgetary accounting and also because they adopt fund accounting.
▪ We might argue, albeit anachronistically, that best commercial practice could also have been adopted in accounting for the bridge.
use
▪ Local Authority No. 1 method always uses historic cost accounting.
EXAMPLES FROM CORPUS
▪ Accounting Theory Accounting theory is conventionally concerned with financial accounting, i.e. with accounting to external providers of finance.
▪ Academic, or theoretical, discourse is not privileged but is instead a form of accounting which uses abstraction to illuminate.
▪ However, these have been excluded, pending the results of a fundamental review of capital accounting.
▪ In order to deal with the problems of budgeting for this it is necessary to know something of company financial and cost accounting.
▪ In spite of accounting for only 0.2 percent of a beer's cost, this is naturally felt to be wasteful and undesirable.
▪ It refers to the method of accounting which reports in terms of funds rather than in terms of organizations.
▪ It should be recognised that we are still in the early days of case-mix accounting.
▪ Trial balance to facilitate hotel accounting. 11.
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The Collaborative International Dictionary
Accounting

Account \Ac*count"\, v. t. [imp. & p. p. Accounted; p. pr. & vb. n. Accounting.] [OE. acounten, accompten, OF. aconter, [`a] (L. ad) + conter to count. F. conter to tell, compter to count, L. computare. See Count, v. t.]

  1. To reckon; to compute; to count. [Obs.]

    The motion of . . . the sun whereby years are accounted.
    --Sir T. Browne.

  2. To place to one's account; to put to the credit of; to assign; -- with to. [R.]
    --Clarendon.

  3. To value, estimate, or hold in opinion; to judge or consider; to deem.

    Accounting that God was able to raise him up.
    --Heb. xi. 19.

  4. To recount; to relate. [Obs.]
    --Chaucer.

Douglas Harper's Etymology Dictionary
accounting

"reckoning of numbers," late 14c., verbal noun from account (v.). Phrase no accounting for tastes (1823) translates Latin de gustibus non est disputandum.

Wiktionary
accounting

n. 1 (context accounting English) The development and use of a system for recording and analyze the financial transactions and financial status of a business or other organization. 2 A relaying of events; justification of actions. vb. (present participle of account English)

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WordNet
accounting

  1. n. a convincing explanation that reveals basic causes; "he was unable to give a clear accounting for his actions"

  2. a system that provides quantitative information about finances

  3. the occupation of maintaining and auditing records and preparing financial reports for a business [syn: accountancy]

  4. a bookkeeper's chronological list of related debits and credits of a business; forms part of a ledger of accounts [syn: accounting system, method of accounting]

  5. a statement of recent transactions and the resulting balance; "they send me an accounting every month" [syn: account, account statement]

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Wikipedia
Accounting

Accounting or accountancy is the measurement, processing and communication of financial information about economic entities. The modern field was established by the Italian mathematician Luca Pacioli in 1494. Accounting, which has been called the "language of business", measures the results of an organization's economic activities and conveys this information to a variety of users, including investors, creditors, management, and regulators. Practitioners of accounting are known as accountants. The terms 'accounting' and 'financial reporting' are often used as synonyms.

Accounting can be divided into several fields including financial accounting, management accounting, auditing, and tax accounting. Accounting information systems are designed to support accounting functions and related activities. Financial accounting focuses on the reporting of an organization's financial information, including the preparation of financial statements, to external users of the information, such as investors, regulators and suppliers; and management accounting focuses on the measurement, analysis and reporting of information for internal use by management. The recording of financial transactions, so that summaries of the financials may be presented in financial reports, is known as bookkeeping, of which double-entry bookkeeping is the most common system.

Accounting is facilitated by accounting organizations such as standard-setters, accounting firms and professional bodies. Financial statements are usually audited by accounting firms, and are prepared in accordance with generally accepted accounting principles (GAAP). GAAP is set by various standard-setting organizations such as the Financial Accounting Standards Board (FASB) in the United States and the Financial Reporting Council in the United Kingdom. As of 2012, "all major economies" have plans to converge towards or adopt the International Financial Reporting Standards (IFRS).

Accounting (UIL)

Accounting is one of several academic events sanctioned by the University Interscholastic League. The contest began in the 1986-87 scholastic year. Kingwood High School was the first school to win 6A accounting UIL championship. Nbd. Accounting is designed to test students' understanding of general accounting principles and practices used in the business environment.

Related phrases:

Usage examples of "accounting".

It was agreed that there was no other way of accounting for the rescue of Cyrus Harding, and that Top deserved all the honor of the affair.

When we reached Helium there must be an accounting, and if Tardos Mors had not returned I feared that the enmity of Zat Arras might weigh heavily against us, for he represented the government of Helium.

Mary Harris, for example, found her work as a senior accountant absorbing, part of the reason she was one of the most dedicated accounting employees at her firm.

Jordan Mintz, general counsel Lea Fastow, assistant treasurer Michael Jakubik, vice president JimTimmins, director, private equity Tim Despain, vice president Bill Brown, vice president The Internal Accountants Richard Causey, chief accounting officer David Woytek, vice president, corporate auditing Rodney Faldyn, vice president, transaction accounting group Ryan Siurek, member, transaction accounting group In Risk Assessment Richard Buy, chief risk officer Vasant Shanbhogue, analyst Vince Kaminski, vice president of Rakesh Bharati, analyst research Kevin Kindall, analyst Stinson Gibner, analyst In Corporate Development J.

If this reason does not satisfy the reader, I know no other means of accounting for the little respect which I have commonly seen paid to a character which really does great honour to human nature, and is productive of the highest good to society.

But, to say the truth, there is a more simple and plain method of accounting for that prodigious superiority of penetration which we must observe in some men over the rest of the human species, and one which will serve not only in the case of lovers, but of all others.

Instead of accounting for this, we shall proceed in our usual manner to exemplify it in the conduct of the lad above mentioned, who submitted to the persuasions of Mr.

IT people or accounting people to increase their own salaries, make payments to a phony vendor, remove negative ratings from HR records, and so on.

Ned kept watch on the parking lot of the small business park where the accounting company had its unpretentious, storefront-like offices.

IT or human resources, the accounting department, or the maintenance staff, there are certain security policies that every employee of your company must know.

From there, the CEO made two calls: one to a forensic accounting firm, and one to Chuck Sheafe, head of Sheafe International, to personally request their top investigator.

Below him, we once again spot the pale accounting guy, followed by the redhead.

Now I know that it must have been because she had learned that John Carter, Prince of Helium, was approaching to demand an accounting of her for the imprisonment of his Princess.

Arthur Andersen, the once-revered accounting firm, evaporated overnight as its role in the debacle led to a subsidiary scandal of its own.

Topping it off, the newly merged company was still struggling through the basics, including the selection of its independent accounting firm.