to accounting

Definition of to accounting in English English dictionary: Present participle of account; The development and use of a system for recording and analyzing the financial transactions and financial status of a business or other organization; The systematic recording, reporting, and analysis of financial transactions; a bookkeeper's chronological list of related debits and credits of a business; forms part of a ledger of accounts; the science of financial reckoning; the act of recording, summarizing and interpreting financial information; The agent must be able to report the status of all funds received from or on behalf of the principal Most state real estate license laws require a broker to give accurate copies of all documents to all parties affected by them and to keep copies on file for a specified period of time Most license laws also require the broker to deposit immediately, or within 24 to 48 hours, all funds entrusted to the broker (such as earnest money deposits) in a special trust, or escrow, account Commingling such monies with the broker's personal or general business funds is strictly illegal; Process of recording and summarizing the business transactions of a firm during a given period of time to reveal the income or loss for the period, and the value and nature of the firm's assets, liabilities and ownership; The process of systematically recording, classifying, verifying and summarizing business transactions, and presenting this information in periodic, interpretative financial statements and reports [OTS]; A service activity designed to accumulate, measure, and communicate financial information about economic entities for decision-making purposes; generally, when someone says "accounting" they are referring to the department, activity or individuals involved in the application of the accounting equation; The process of recording, summarizing, analyzing, and interpreting financial (money-related) activities to permit individuals and organizations to make informed judgments and decisions; keeping financial records (recording income and expenditure, and profits and losses, valuing assets and liabilities, etc ); Generally when someone says "accounting" they are referring to the department, activity or individuals involved in the application of the accounting equation ACCOUNTING EQUATION is a mathematical expression used to describe the relationship between the assets, liabilities and owner's equity of the business model The basic accounting equation states that assets equal liabilities and owner's equity, but can be modified by operations applied to both sides of the equation, e g , assets minus liabilities equal owner's equity; the process of identifying, recording, classifying and reporting information on economic events in a logical manner for the purpose of providing financial information for decision making; a system that provides quantitative information about finances; a convincing explanation that reveals basic causes; "he was unable to give a clear accounting for his actions"; A listing of all transactions that have occurred since the last accounting, or beginning of the trust's administration A fiduciary accounting should include 1) the cost bases of the assets on hand the at beginning of the accounting period, 2) all receipts, disbursements, distributions, gains or losses and changes to assets, and 3) the current value and the cost bases of the remaining assets on hand at the end of the accounting period An accounting is not a brokerage statement; {i} system of recording and analyzing financial transactions, auditing; detailed financial statement; a statement of recent transactions and the resulting balance; "they send me an accounting every month"; A relaying of events; justification of actions; Recording and reporting of financial transactions, including the origination of the transaction, its recognition, processing, and summarization in the FINANCIAL STATEMENTS; The activity of providing quantitative information, primarily financial in nature, that is intended to be useful in making economic decisions; the process of measuring, recording, summarizing and reporting the assets, liabilities and owner's equity of an enterprise and the changes in them (Source: FHA Handbook 4370 4 REV-1, Appendix 2); Accounting is the activity of keeping detailed records of the amounts of money a business or person receives and spends. the accounting firm of Leventhal & Horwath. see also account. accountancy. Systematic development and analysis of information about the economic affairs of an organization. The actual recording and summarizing of financial transactions is known as bookkeeping. When the data thus produced are abstracted in reports (usually quarterly or annually) for the use of persons outside the organization, the process is called financial accounting. Three reports are typically generated in financial accounting: the balance sheet, which summarizes the firm's assets and liabilities; the income statement, which reports the firm's gross proceeds, expenses, and profit or loss; and the statement of cash flow, which analyzes the flow of cash into and out of the firm. The creation of reports (usually monthly) for internal planning and decision-making is called managerial accounting. Its aim is to provide managers with reliable information on the costs of operations and on standards with which those costs can be compared, to assist them in budgeting; Process of recording, measuring, interpreting, and communicating financial data; activities that provide information, usually quantitative and often express in monetary units, for decision making, planning, controlling resources and operations, evaluating performance, and financial reporting to regulatory authorities and the membership It is a system of recording and conveying information about an organization in financial terms; Book keeping in business. Recording financial transactions; The recording, classifying, summarizing and interpreting in a significant manner and in terms of money, transactions and events of a financial character; The systematic recording, reporting, and analysis of financial transactions of a business; a system that provides quantitative information about finances a convincing explanation that reveals basic causes; "he was unable to give a clear accounting for his actions"; The collection of resource consumption data for the purposes of capacity and trend analysis, cost allocation, auditing, and billing Accounting management requires that resource consumption be measured, rated, assigned, and communicated between appropriate parties; The systematic recording, presentation and interpretation of the financial facts of an enterprise in such a manner as to permit effective management and provide the required information; the occupation of maintaining and auditing records and preparing financial reports for a business; Insurers use two kinds Generally accepted accounting principles (GAAP) accounting is used in financial statements that publicly-held companies prepare for the Securities and Exchange Commission But state laws require that statutory accounting methods be used in financial statements for insurance regulators These laws are designed to protect policyholders by imposing a high solvency standard - statutory accounting is more conservative than GAAP accounting For example, statutory accounting requires that selling expenses be recorded immediately, rather than amortized over the life of the policy, to track with premiums as they are earned; earned and expenditures are recognized when the liability is incurred Accrual basis accounting requires maintaining accounts receivable and accounts payable in the financial records; Accounting is the act of collecting resource consumption data for the purposes of trend analysis, and capacity planning, billing, auditing, and cost allocation AAL ATM Adaptation Layer Fully independent of the physical layer, this ATM layer converts higher-layer information, such as data packets, into ATM cells for transmission across the ATM network At the receiving end, the AAL converts the cells back into the higher-layer information; (a) The special field concerned with the design and implementation of procedures for the accumulation and reporting of financial data (b) The process of identifying, measuring, and communicating financial information to permit informed judgments and decisions by users of the information