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Accounting & Tax vocabulary · Bookkeeping & Ledgers

Accounting

Meaning in accounting & tax, with examples

/əˈkaʊntɪŋ/nounCore term

In accounting & tax, accounting means: The work of recording, organising and reporting a business's financial transactions so that owners, managers, tax offices and investors can understand its financial position.

In Turkish: muhasebe

How it is used

The name of the profession, the department and the academic subject. People work in accounting, study accounting and talk about accounting rules, records and software. The person who does it is an accountant.

Example sentences

  1. She has worked in accounting for six years, mostly for manufacturing companies.

  2. We're moving to new accounting software in January, so please close all open items by December.

Common collocations

  • accounting department
  • accounting software
  • accounting records
  • accounting policies
  • accounting period
  • bookkeepingThe day-to-day recording of a business's transactions, such as sales, purchases, receipts and payments, in its books or accounting system.
  • chartered accountantAn accountant who has passed professional exams and belongs to a recognised accounting body, qualified to audit, advise on tax and sign certain reports.
  • management accountingThe branch of accounting that prepares internal information, such as budgets, cost analysis and performance reports, to help managers make decisions.
  • general ledgerThe main set of accounts of a business, where all transactions are collected account by account to show the balance of each one.

More terms: Bookkeeping & Ledgers

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This page explains English vocabulary for learners. It is not financial advice.