Accounting Accounting or accountancy is the measurement, processing, and communication of financial information about economic entities like businesses and corporations. Accounting, that has been referred to as the "language of business", measures the results of organization’s economic activities and conveys this information to a variety of users, including investors, creditors, management, and regulators. Practitioners of accounting are known as accountants. The terms "accounting" and "financial reporting" are often used as synonyms. Accounting can be divided into many fields including financial accounting, management accounting, external auditing, tax accounting and cost accounting. Accounting information systems are designed to support accounting functions and connected activities. Accounting is a process that allows recording, processing, interpreting, summarizing, verifying and presenting of the financial transactions. What is Acc...