Origin of the Words “Accounting” and “Accountancy”

The words “accounting” and “accountancy” have been in use in Great Britain since the mid-19th century. These words were derived from the earlier terms “accompting” and “accountantship”, which were commonly used during the 18th century.

The verb “to account” was used in Middle English, which was spoken roughly between the 12th century and the late 15th century. During that period, the word had the form “accounten.”

The word “accounten” originated from the Old French word “aconter.” The Old French word was further derived from the Vulgar Latin word “computare.”

The Latin word “computare” means “to reckon” or “to calculate.” Its base word is “putare,” which had several meanings such as to prune, to purify, to correct an account, to count, to calculate, and to think. These meanings show that the origin of accounting is closely related to counting, calculating, and maintaining correct financial records.

Origin of the Word “Accountant”

The word “accountant” is derived from the French word “compter.” This French word also traces its origin to the Italian and Latin word “computare.”

Earlier, the word was written in English as “accomptant.” Over time, the pronunciation changed by dropping the silent letter “p.” Gradually, both the spelling and pronunciation changed, and the word took its present form, “accountant.”

Terminology

Meaning of Accounting

Accounting has been defined in different ways, but all the definitions focus on recording and communicating financial information.

Accounting refers to the process of keeping and preparing financial records of the transactions of a business or firm. It also includes the analysis, verification, and reporting of these financial records so that useful financial information can be provided to different users.

The term accounting also refers to the work or job performed by an accountant, who is responsible for maintaining and reporting financial information.

Meaning of Accountancy

Accountancy refers to the occupation or profession of an accountant. The term is particularly used in British English to describe the professional field of accounting and the work carried out by accountants.