accounting

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.Examples: "British Railways are beginning to reap the advantages of electronics applied to accounting. At Swindon Works, a computor, the first of its type to be used anywhere in the world, was installed recently to deal with the pay of some 10,000 employees."uncountableusually

2. (law) An equitable remedy requiring wrongfully obtained profits to be distributed to those who deserve them.Examples: "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."uncountableusually