Accounting



the theory and system of setting up, maintaining, and auditing the books of a firm; art of analyzing the financial position and operating results of a business house from a study of its sales, purchases, overhead, etc. (distinguished from ).
a detailed report of the financial state or transactions of a person or entity:
an accounting of the estate.
the rendering or submission of such a report.
an oral or written description of particular events or situations; narrative:
an account of the meetings; an account of the trip.
an explanatory statement of conduct, as to a superior.
a statement of reasons, causes, etc., explaining some event.
reason; basis:
On this account I’m refusing your offer.
importance; worth; value; consequence:
things of no account.
estimation; judgment:
In his account it was an excellent piece of work.
an amount of money deposited with a bank, as in a checking or savings account:
My account is now with Third National.
Also called charge account. an accommodation or service extended by a business to a customer or client permitting the charging of goods or services, the returning for credit of unsatisfactory merchandise, etc.:
Do you have an account at this store? My account with the restaurant is past due.
a statement of financial transactions.
Bookkeeping.

a formal record of the debits and credits relating to the person, business, etc., named at the head of the ledger account.
a balance of a specified period’s receipts and expenditures.

Commerce.

a business relation in which credit is used.
any customer or client, especially one carried on a regular credit basis.
Also called advertising account. the business assigned to an advertising agency by a client:
The toothpaste account was awarded to a new agency last year.

to give an explanation (usually followed by for):
to account for the accident.
to answer concerning one’s conduct, duties, etc. (usually followed by for):
to account for the missing typewriters.
to provide a report on money received, kept, and spent.
to cause (usually followed by for):
The humidity accounts for our discomfort. His reckless driving accounted for the accident.
to regard; consider as:
I account myself well paid.
to assign or impute (usually followed by to):
the many virtues accounted to him.
call to account,

to hold accountable; blame; reprimand:
Call them to account for having endangered their lives.
ask for an explanation of.

give a good / bad account of, to do something or conduct oneself in a good (bad, etc.) manner:
She gave a good account of herself in the tennis tournament.
hold to account, to hold responsible; hold accountable or culpable:
If any of the silver is missing, I’m going to hold you to account.
on account, as an installment or a partial payment:
I can’t pay the balance, but here’s $10 on account.
on account of,

by reason of; because of.
for the sake of:
She saw it through on account of me.

on all accounts, in any case; under any circumstances.
Also, at all accounts.
on no account, under no circumstances; absolutely not:
On no account should you buy that painting without having it appraised.
take account of,

to make allowance for; consider:
One must take account of the difficult circumstances. Taking account of the high overhead, the price is not excessive.
to notice or observe.

Also, take into account.
turn to account, to derive profit or use from; turn to advantage:
She has turned her misfortunes to account.
Contemporary Examples

Taxes, accounting, and costs of legit business would keep the shadow of Big Cannibis at bay.
Live Chat: Let’s Talk About Drugs David Frum January 10, 2013

“Let’s not turn the [pope’s] visit into a game of accounting, or of economic gains,” Paes said.
Pope Francis, ‘the Maker of Traffic Jams’ Mac Margolis July 25, 2013

The investigation of Konigsberg represents the second accounting firm implicated in the Madoff subterfuge.
Was Madoff ‘Victim’ and Best Friend an Accomplice? Lucinda Franks April 22, 2009

Lowrie has a degree in accounting, not economics, from Case Western Reserve University.
The Campaign Whisperers Jill Lawrence October 12, 2011

He left the company in 2005 after then–New York attorney general accused AIG of accounting fraud.
Don’t Blame AIG for Hank Greenberg’s Lawsuit Matthew Zeitlin January 7, 2013

Historical Examples

There is no accounting for tastes, we say, and in saying that we despair of progress in the arts.
Progress and History Various

It was not an accounting for what is, but for what it seemed possible to him might be.
The Meaning of Evolution Samuel Christian Schmucker

The common ways of accounting for its success would be absurdly ridiculous and amusing were they not so sadly unbelieving.
George Muller of Bristol Arthur T. Pierson

And accounting him well warned by now, I read with confidence.
The Strolling Saint Raphael Sabatini

He was dead, argues Swift, if he did but know it; but then there is no accounting for some mens ignorance!
Lives of Illustrious Shoemakers William Edward Winks

noun

the skill or practice of maintaining and auditing accounts and preparing reports on the assets, liabilities, etc, of a business
(as modifier): an accounting period, accounting entity

noun
a verbal or written report, description, or narration of some occurrence, event, etc
an explanation of conduct, esp one made to someone in authority
ground; basis; consideration (often in the phrases on this (that, every, no, etc) account, on account of)
importance, consequence, or value: of little account
assessment; judgment
profit or advantage: to turn an idea to account
part or behalf (only in the phrase on one’s or someone’s account)
(finance)

a business relationship between a bank, department store, stockbroker, etc, and a depositor, customer, or client permitting the latter certain banking or credit services
the sum of money deposited at a bank
the amount of credit available to the holder of an account
a record of these

a statement of monetary transactions with the resulting balance
(on the London Stock Exchange) the period, ordinarily of a fortnight’s duration, in which transactions formerly took place and at the end of which settlements were made
(accounting) a chronological list of debits and credits relating to a specified asset, liability, expense, or income of a business and forming part of the ledger

a regular client or customer, esp a firm that purchases commodities on credit
an area of business assigned to another: they transferred their publicity account to a new agent

call to account, bring to account

to insist on explanation
to rebuke; reprimand
to hold responsible

give a bad account of oneself, to perform badly: he gave a bad account of himself in the examination
give a good account of oneself, to perform well
on account

on credit
Also to account. as partial payment

(preposition) on account of, because of; by reason of
take account of, take into account, to take into consideration; allow for
settle accounts with, square accounts with

to pay or receive a balance due
to get revenge on (someone)

See bank account, credit account
verb
(transitive) to consider or reckon: he accounts himself poor
n.

“reckoning of numbers,” late 14c., verbal noun from account (v.). Phrase no accounting for tastes (1823) translates Latin de gustibus non est disputandum.
n.

c.1300, “reckoning of money received and paid,” from Old French acont “account, reckoning, terminal payment,” from a “to” (see ad-) + cont “counting, reckoning of money to be paid,” from Late Latin computus “a calculation,” from Latin computare “calculate” (see compute).

Meaning “sum of (one’s) money in a bank” is from 1833. Sense of “narration” is first attested 1610s. Plural accounts used as a collective or singular in phrases such as to give accounts (of something), is from mid-13c. Phrase by all accounts is attested from 1798.
v.

c.1300, “to count, enumerate,” from Old French aconter “to count, render account” (Modern French conter), from a “to” (see ad-) + conter “to count, tell” (see count (v.)). Meaning “to reckon for money given or received, render a reckoning,” is from late 14c.; sense of “to explain” (c.1710) is from notion of “answer for money held in trust.” Transferred sense of “value” is from late 14c. Related: Accounted; accounting.

The system of recording and auditing business transactions. (See audit.)

Related Terms

creative accounting

Related Terms

no-account
In addition to the idiom beginning with
account
also see:

all present and accounted for
by all accounts
call to account
give a good account
no accounting for tastes
on account of
on no account
on one’s own account
take account of
take into account
turn to good account

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