Definition, Meaning & Synonyms

accounting

Noun

/əˈkaʊntɪŋ/

Definition

The process of recording, classifying, and summarizing financial transactions to provide useful information for decision-making.

Examples

She decided to pursue a degree in accounting to better understand how businesses manage their finances.
Effective accounting practices help companies maintain transparency and accountability.
The accounting department is responsible for preparing the annual financial report.

Meaning

Accounting involves tracking the income, expenses, and other financial activities of an individual or organization to assess financial health and compliance with regulatory requirements.