Background for accounting

accounting

/ə.ˈkaʊn.tɪŋ/

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verb

To provide explanation.

Examples :

"The teacher asked the students to account for their absences, explaining the reasons. "

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verb

Examples :

"The cashier had to account for every penny, making sure the total matched the sales receipt. "

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noun

The development and use of a system for recording and analyzing the financial transactions and financial status of an individual or a business.

Examples :

"The accounting department meticulously recorded all income and expenses for the family business. "

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noun

A relaying of events; justification of actions.

Examples :

"He was required to give a thorough accounting of his time."

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noun

An equitable remedy requiring wrongfully obtained profits to be distributed to those who deserve them.

Examples :

"The accounting for the profits from the successful lemonade stand was awarded to both children who equally contributed to the business. "

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adjective

Of or relating to accounting.

Examples :

"General accepted accounting principles"

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