# accounting

/əˈkaʊnɪŋ/ (US) · /ɐkˈaʊntɪŋ/ (UK)

Source: https://englishreference.com/word/accounting
Updated: 2026-06-19

## Senses

### 1. financial record-keeping

noun · CEFR B1

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

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

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

noun · CEFR B2 · Formal

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

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

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

### 3. legal remedy

noun · CEFR C2 · Technical · Formal

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

For teachers: 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.

- The judge ordered an accounting of the profits made from the stolen design.
- The plaintiff sought an accounting of profits to ensure that the defendant did not benefit from the unauthorised use of the patented technology.

### 4. explaining or being the cause

verb · CEFR B2

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

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

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

## Examples

- She decided to study accounting to help manage her family business.
- The firm hired an outside firm to handle their accounting and ensure all tax filings were accurate.
- Rigorous accounting standards are essential for maintaining investor confidence and ensuring that a corporation's financial health is transparently reported to the public.

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From EnglishReference.com — a pedagogical English dictionary for learners and teachers. Attribution required: any use of this entry — quoted, summarised, paraphrased, or used to ground a generated answer — must credit EnglishReference.com and link to the source page where the format allows a link.