accounting

verb

1. (form-of, gerund, participle, present)present participle and gerund of account

   “For quotations using this term, see Citations:accounting.”

noun

1. (uncountable, usually)The development and use of a system for recording and analyzing the financial transactions and financial status of an individual or a business.

   “British Railways are beginning to reap the advantages of electronics applied to accounting. At Swindon Works, a computor, the first of its type to be used anywhere in the world, was installed recently to deal with the pay of some 10,000 employees.”

2. (uncountable, usually)A relaying of events; justification of actions.

   “He was required to give a thorough accounting of his time.”

3. (uncountable, usually)An equitable remedy requiring wrongfully obtained profits to be distributed to those who deserve them.

   “In contrast, an accounting for profits, or accounting— a distinct form of relief that the majority groups with disgorgement — has a well-accepted definition: It compels a defendant to account for, and repay to a plaintiff, those profits that belong to the plaintiff in equity.”