accounting

Etymology

* First attested in the late 14th century. * account + -ing

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. 2020, Liu v. SEC (U.S. Supreme Court No. 18-1501), Justice Thomas dissenting