Definition of "accounting" in English

verb

1. present participle and gerund of account

noun

1. (business) The development and use of a system for recording and analyzing the financial transactions and financial status of an individual or a business.

2. A relaying of events; justification of actions.

   • He was required to give a thorough accounting of his time.

3. (law) An equitable remedy requiring wrongfully obtained profits to be distributed to those who deserve them.

   • In contrast, an accounting for profits, or accounting— a distinct form of relief that the majority groups with disgorgement — has a well-accepted definition: It compels a defendant to account for, and repay to a plaintiff, those profits that belong to the plaintiff in equity.