accounting Definition
the process of recording, classifying, and summarizing financial transactions to provide information that is useful in making business decisions.
Using accounting: Examples
Take a moment to familiarize yourself with how "accounting" can be used in various situations through the following examples!
Example
I studied accounting in college.
Example
The company hired an accounting firm to handle their finances.
Example
She is responsible for the accounting department.
accounting Synonyms and Antonyms
Synonyms for accounting
Phrases with accounting
the process of preparing management reports and accounts that provide accurate and timely financial and statistical information required by managers to make day-to-day and short-term decisions
Example
Management accounting is essential for businesses to make informed decisions about their operations.
the process of recording, summarizing, and reporting the myriad of transactions resulting from business operations over a period of time
Example
Financial accounting provides a comprehensive view of a company's financial health and performance.
the process of tracking, recording, and analyzing costs associated with the production of goods or services
Example
Cost accounting helps businesses understand the true cost of producing their products or services.
Origins of accounting
from Old French 'aconter', meaning 'to count'
Summary: accounting in Brief
'Accounting' [əˈkaʊntɪŋ] refers to the process of recording, classifying, and summarizing financial transactions to provide information that is useful in making business decisions. It is a crucial aspect of any business operation, with different types of accounting such as management accounting, financial accounting, and cost accounting. Examples of its use include studying accounting in college, hiring an accounting firm to handle finances, and being responsible for the accounting department.
