Source : Webster's Revised Unabridged Dictionary (1913)

Account \Ac*count"\, v. t. [imp. & p. p. {Accounted}; p. pr. &
   vb. n. {Accounting}.] [OE. acounten, accompten, OF. aconter,
   [`a] (L. ad) + conter to count. F. conter to tell, compter to
   count, L. computare. See {Count}, v. t.]
   1. To reckon; to compute; to count. [Obs.]

            The motion of . . . the sun whereby years are
            accounted.                            --Sir T.
                                                  Browne.

   2. To place to one's account; to put to the credit of; to
      assign; -- with to. [R.] --Clarendon.

   3. To value, estimate, or hold in opinion; to judge or
      consider; to deem.

            Accounting that God was able to raise him up. --Heb.
                                                  xi. 19.

   4. To recount; to relate. [Obs.] --Chaucer.

Source : WordNet®

accounting
     n 1: a convincing explanation that reveals basic causes; "he was
          unable to give a clear accounting for his actions"
     2: a system that provides quantitative information about
        finances
     3: the occupation of maintaining and auditing records and
        preparing financial reports for a business [syn: {accountancy}]
     4: a bookkeeper's chronological list of related debits and
        credits of a business; forms part of a ledger of accounts
        [syn: {accounting system}, {method of accounting}]
     5: a statement of recent transactions and the resulting
        balance; "they send me an accounting every month" [syn: {account},
         {account statement}]