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accounting 
  n 
a the skill or practice of maintaining and auditing accounts and preparing reports on the assets, liabilities, etc., of a business 
b (as modifier) 
an accounting period, accounting entity  

acquisition accounting 
  n an accounting procedure in which the assets of a company that has recently been taken over are changed from the book value to the fair market value 
cost accounting 
  n the recording and controlling of all the expenditures of an enterprise in order to facilitate control of separate activities, (Also called)  management accounting 
♦  cost accountant  n 
current-cost accounting 
  n a method of accounting that values assets at their current replacement cost rather than their original cost. It is often used in times of high inflation 
 Compare  →  historical-cost accounting 
historical-cost accounting 
  n a method of accounting that values assets at the original cost. In times of high inflation profits can be overstated 
 Compare  →  current-cost accounting 
management accounting 
  n  another name for  →  cost accounting 
national accounting 
  n  another name for  →  social accounting 
social accounting 
  n the analysis of the economy by sectors leading to the calculation and publication of economic statistics, such as gross national product and national income, (Also called)  national accounting 

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