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accounting

n. · v.
US //əˈkaʊnɪŋ// UK //ɐkˈaʊntɪŋ// ac·count·ing
  1. 1 financial record-keeping (n.)
    B1 Intermediate Computing

    the process of recording and checking the money that a business or person spends and receives.

    the systematic process of recording, classifying, and summarising financial transactions to provide information for decision-making.

    Example

    She decided to study accounting so she could help manage her family's business.

    Example

    The firm's accounting practices came under intense scrutiny after an internal audit revealed several significant discrepancies in the quarterly reports.

    Usage

    Usually uncountable when referring to the profession or the system.
  2. 2 an explanation (n.)
    B2 Upper Intermediate Formal

    a report or description that explains why something happened or how money was used.

    the act of providing a detailed narrative or justification for actions taken or resources used.

    Example

    The manager demanded a full accounting of how the project budget was spent.

    Example

    The committee required a transparent accounting of the events leading up to the security breach before they would approve the new policy.

    Usage

    Often used with 'of'.
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  1. 3 legal remedy (n.)
    C2 Proficiency Technical Formal Law

    a legal process where a court orders someone to show how much profit they made and give it to the rightful owner.

    an equitable remedy where a court orders a party to provide a report of profits made from a wrongful act and to distribute them accordingly.

    Example

    The judge ordered an accounting of the profits made from the stolen design.

    Example

    The plaintiff sought an accounting of profits to ensure that the defendant did not benefit from the unauthorised use of the patented technology.
  2. 4 explaining or being the cause (v.)
    B2 Upper Intermediate

    the '-ing' form of 'account', used when explaining the cause of something or tracking items.

    the present participle of 'account', frequently appearing in the phrasal verb 'accounting for' to indicate causation or the tracking of entities.

    Example

    The heavy rain is accounting for the delay in the construction work.

    Example

    By accounting for every minor expense, the department was able to stay within its strict annual budget despite rising costs.

    Usage

    Commonly used as part of the phrasal verb 'account for'.
Origin

* First attested in the late 14th century. * account + -ing

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