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Accounting Meaning: Definition, Examples, and Translations

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accounting

[ษ™หˆkaสŠntษชล‹ ]

Definitions

Context #1 | Noun

business finance

The process of keeping financial records and preparing financial statements for a business.

Synonyms

auditing, bookkeeping.

Examples of usage

  • She has a degree in accounting.
  • The company hired an accounting firm to handle their finances.
Context #2 | Noun

job description

The profession or practice of managing financial accounts.

Synonyms

auditing, finance.

Examples of usage

  • He works in the accounting department.
  • She is studying accounting to become a CPA.

Translations

To see the translation, please select a language from the options available.

Interesting Facts

Historical Origins

  • The practice of keeping records dates back over 7,000 years to ancient Mesopotamia, where people used clay tablets.
  • In the 15th century, an Italian monk named Luca Pacioli wrote a book that laid the foundation for modern accounting methods.
  • The term 'accounting' comes from the French word 'compte', meaning 'to count or account for'.

Pop Culture

  • Movies like 'The Accountant' highlight the life of an accountant as one filled with suspense and complexities, offering a creative take on the profession.
  • TV shows often portray accountants as the unsung heroes who save companies from financial disaster.

Science

  • Behavioral accounting considers how human behavior affects financial decisions, showing the psychological aspects of the profession.
  • Data analytics in accounting has revolutionized the field, allowing for deeper insights into financial data and trends.

Literature

  • Various novels, such as 'The Great Gatsby', portray characters tied to finance, highlighting the societal complexities intertwined with money.
  • Accounting themes are often explored in literature to represent morality and integrity in business dealings.

Technology

  • Cloud-based accounting software has transformed how businesses manage their finances, making it easier and more efficient.
  • Artificial Intelligence is increasingly being used in accounting to automate repetitive tasks and analyze large sets of financial data.

Origin of 'accounting'

The word 'accounting' originates from the Middle English word 'accounten' which means 'to count'. The practice of accounting dates back to ancient civilizations such as Mesopotamia and Ancient Egypt, where records of financial transactions were kept on clay tablets. Modern accounting principles were developed in the 15th century by Luca Pacioli, an Italian mathematician. Accounting plays a crucial role in business and finance, providing insights into the financial health of organizations.

See also: account, accountabilities, accountability, accountable, accountably, accountant, accounts, unaccountable.

Word Frequency Rank

At position #2,488, this word belongs to solid intermediate vocabulary. It's frequently used in both casual and formal contexts and is worth learning for better fluency.