Meaning of Accounting

The Dictionary defines accounting as a written record of money that is owed to a business and of money that has been paid by it (noun).

It also defines it as act of providing the records of a business (verb). 

The above definitions show that accounting means explanation for something. For example, a man may ask his wife to account for the bag of beans consumed during the last Christmas period; a father may ask his son to account for the lessons he claimed to have attended the previous day. What these statements imply is that in the first instance, the husband only needs an explanation of how the bag of beans was actually consumed. In the second statement, the father wants explanation to prove that the son attended the lessons he claimed to have attended the previous day. This explains the fact that the term account simply means explanation for something.


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