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Definition of

accounting

Accounting

range of activities undertaken by accountants a generic term for the activities such as bookkeeping and financial accounting conducted by accountants. Accounting involves the classification and recording of monetary transactions; the presentation and interpretation of the results of those transactions in order to assess performance over a period and the financial position at a given date; and the monetary projection of future activities arising from alternative planned courses of action. Accounting in larger businesses is typically carried out by financial accountants, who focus on formal, corporate issues such as taxation, and management accountants, who provide management reports and guidance.

Definitions of ’accounting’ and meaning of ’accounting’ are from the book publication, QFINANCE – The Ultimate Resource, © 2009 Bloomsbury Information Ltd. Find definitions for ’accounting’ and other financial terms with our online QFINANCE Financial Dictionary.

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