Definition

The process of keeping track of financial transactions, including recording, summarizing, and reporting on a business's money and assets.

Example

She decided to pursue a career in accounting after completing her degree in finance.

Conversation

Have you ever thought about taking a class in accounting?

Not really, but I hear it's super useful for managing money.

Yeah, especially if you want to run your own business someday.

True! Understanding accounting could make a big difference.

Synonyms & Antonyms

Root Explanation

Accounting → It is formed from "account" (from Old French *acont*, meaning to count or to calculate) and the suffix "-ing" (indicating the action or process). The word "accounting" refers to the process of counting or calculating financial transactions.

Memory Tip

Think of the action of 'counting' ('account') financial matters, and the '-ing' shows that it's an ongoing process. This helps you remember that accounting is all about the process of counting and managing finances.

Visually Confused Words