Accounting

Accounting

Accounting (pronunciation: /əˈkaʊntɪŋ/) is the systematic and comprehensive recording of financial transactions pertaining to a business, and it also refers to the process of summarizing, analyzing and reporting these transactions to oversight agencies and tax collection entities.

Etymology

The term "accounting" comes from the Old French word "compter," which means "to count or score." This term was then adapted into English as "accounting."

Related Terms

• Bookkeeping: The activity or occupation of keeping records of the financial affairs of a business.
• Financial statement: A formal record of the financial activities and position of a business, person, or other entity.
• Balance sheet: A statement of the assets, liabilities, and capital of a business or other organization at a particular point in time.
• Income statement: A financial statement that shows how much money a company made and spent over a period of time.
• Cash flow statement: A financial statement that shows the flow of cash in and out of the business.
• Auditing: An official inspection of an organization's accounts, typically by an independent body.
• Tax accounting: Accounting for tax purposes. This may be different from accounting for other purposes, due to different rules.

See Also

• Financial accounting
• Management accounting
• Cost accounting
• Forensic accounting

External links

• Medical encyclopedia article on Accounting
• Wikipedia's article - Accounting

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