Accountancy (profession) or accounting (methodology) is the measurement, disclosure or provision of assurance about information that helps managers and other decision makers make resource allocation decisions. Financial accounting is one branch of accounting and historically has involved processes by which financial information about a business is recorded, classified, summarized, interpreted, and communicated. Auditing, a related but separate discipline, is the process whereby an independent auditor examines an organization's financial statements and accounting records in order to express an opinion—that conveys reasonable but not absolute assurance—as to the truth and fairness of the statements and the accountant's adherence to Generally Accepted Accounting Principles, in all material respects. At the heart of accounting is the measurement of financial transactions which are transfers of legal property rights made under contractual relationships. Non-financial transactions are specifically excluded due to conservatism and materiality principles.

Practitioners of accountancy are known as accountants. There are many professional bodies for accountants throughout the work. Many allow their members to use titles indicating their membership. Examples are Chartered Accountant and Certified Public Accountant.

Accountancy attempts to create accurate financial reports that are useful to managers, regulators, and other stakeholders such as shareholders, creditors, or owners. The day-to-day record-keeping involved in this process is known as bookkeeping.

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Merriam-Webster's Word of the Day

incandescent
Sat, 17 May 2008 01:15:01 -0500
Merriam-Webster's Word of the Day for May 17, 2008 is: incandescent • \in-kun-DESS-unt\  • adjective 1 a : white, glowing, or luminous with intense heat*b : marked by brilliance especially of expressionc : characterized by glowing zeal : ardent 2 a : of, relating to, or being light produced by incandescenceb : producing light by incandescence Example sentence: The professor was dazzled by Tia's incandescent prose, which was infinitely more sophisticated than that of the other students in the introductory history course. Did you know? "Incandescent" came into the English language toward the end of the 18th century, at a time when scientific experiments involving heat and light were being conducted on an increasingly frequent basis. An object that glowed at a high temperature (such as a piece of coal) was "incandescent." By the mid-1800s, the incandescent lamp -- a.k.a. the "lightbulb" -- had been invented; it contains a filament which gives off light when heated by an electric current. "Incandescent" is the modern offspring of a much older parent, the Latin verb "candēre," meaning "to glow." Centuries earlier, the word for another source of light, "candle," was also derived from "candēre." *Indicates the sense illustrated in the example sentence.
puckish
Fri, 16 May 2008 01:15:01 -0500
Merriam-Webster's Word of the Day for May 16, 2008 is: puckish • \PUCK-ish\  • adjective : impish, whimsical Example sentence: Ellen found Gabe's puckish antics quite appealing when they first started dating, but now she wishes he would be more serious. Did you know? We know Puck as "that merry wanderer of the night," the shape-changing, maiden-frightening, mischief-sowing henchman to the king of the fairies in Shakespeare's A Midsummer Night's Dream. The Bard drew on English folklore in casting his character, but the traditional Puck was more malicious than the Shakespearean imp; he was an evil spirit or demon. In medieval England, this nasty hobgoblin was known as the "puke" or "pouke," names related to the Old Norse "pūki," meaning "devil." But it was the Bard's characterization that stuck, and by the time the adjective "puckish" started appearing regularly in English texts in the late 1800s the association was one of impishness, not evil.
titivate
Thu, 15 May 2008 01:15:01 -0500
Merriam-Webster's Word of the Day for May 15, 2008 is: titivate • \TIH-tuh-vayt\  • verb : to make or become smart or spruce Example sentence: "Work could undoubtedly be done on the show to titivate it for Broadway -- but the score will remain a problem, if not a liability." (Clive Barnes, The New York Post, August 13, 2000) Did you know? "Titivate," "spruce," "smarten," and "spiff" all mean "to make a person or thing neater or more attractive." "Titivate" often refers to making small additions or alterations in attire ("titivate the costume with sequins and other accessories") and can also be used figuratively, as in our example sentence. "Spruce up" is sometimes used for cosmetic changes or renovations that give the appearance of newness ("spruce up the house with new shutters and fresh paint before trying to sell it"). "Smarten up" and "spiff up" both mean to improve in appearance often by making more neat or stylish ("the tailor smartened up the suit with minor alterations"; "he needed some time to spiff himself up for the party"). The origins of "titivate" are uncertain, but it may have been formed from the English words "tidy" and "renovate."
foursquare
Wed, 14 May 2008 01:15:01 -0500
Merriam-Webster's Word of the Day for May 14, 2008 is: foursquare • \FOR-SKWAIR\  • adjective 1 : square *2 : marked by boldness and conviction : forthright Example sentence: The governor has been foursquare in his support for the education bill. Did you know? Early English speakers liked to use "foursquare" to describe a rectangle with four equal sides, even though they could also say it was simply "square." They also used "three-square" to describe a triangle with equal sides, "five-square" for "having five equal sides," "six-square" as an alternative to "hexagonal," and "eight-square" for "octagonal." Eventually "foursquare" also developed a second sense, which is used to describe persons and things that stand out "squarely" and forthrightly. One can now speak of "foursquare citizens" and "a foursquare response." "Foursquare" can also be an adverb meaning "solidly" or "forthrightly." *Indicates the sense illustrated in the example sentence.
attitudinize
Tue, 13 May 2008 01:15:01 -0500
Merriam-Webster's Word of the Day for May 13, 2008 is: attitudinize • \at-uh-TOO-duh-nyze\  • verb : to assume an affected mental attitude : pose Example sentence: "She kept her position; she seemed absorbed in the view. 'Is she posing -- is she attitudinizing for my benefit?' Longueville asked of himself." (Henry James, Confidence) Did you know? The English word "attitude" was first used in the 17th century to describe the posture of a sculptured or painted figure. The word was borrowed from French and formed from the Italian word "attitudine," meaning "aptitude" or "natural tendency." By the early 18th century, "attitude" was also being used for the posture a person assumed for a specific purpose. And by mid-century, "attitudinarians," people who study and practice attitudes, were being talked about. The verb "attitudinize" followed in 1784.
iconoclast
Mon, 12 May 2008 01:15:01 -0500
Merriam-Webster's Word of the Day for May 12, 2008 is: iconoclast • \eye-KAH-nuh-klast\  • noun 1 : a person who destroys religious images or opposes their veneration *2 : a person who attacks settled beliefs or institutions Example sentence: Susan's irreverent opinion of Shakespeare made her an iconoclast in the eyes of many of her fellow English majors. Did you know? "Iconoclast" is a word that often shows up on vocabulary lists and College Board tests. How will you remember the meaning of this vocabulary-boosting term? If you already know the word "icon," you're halfway there. An "icon" is a picture that represents something, and is often a religious image. "Icon" comes from the Greek "eikōn," which is from "eikenai," meaning "to resemble." "Iconoclast" comes to us by way of Medieval Latin from Middle Greek "eikonoklastēs," which joins "eikōn" with a form of the word "klan," meaning "to break." "Iconoclast" literally means "image destroyer." *Indicates the sense illustrated in the example sentence.

MedTerms Word of the Day

Pelizaeus-Merzbacher disease
Sat, 17 May 2008 00:00:00 -0700
Pelizaeus-Merzbacher disease: A disorder of the central nervous system (CNS) in which there is loss of myelin, the sheath around the nerves. The disease is clinically characterized by nystagmus (rhythmical oscillation of the eyes), impaired motor development, tremor, progressive spasticity (increased muscle tone), ataxia (wobbliness), choreoathetotic movements, and dysartria (difficulty speaking). Pelizaeus-Merzbacher disease (PMD) in its classical form manifests in infancy or early childhood and progresses to severe spasticity and ataxia. The lifespan may be shortened. PMD is due to mutation in the gene PLP1. This gene is located on the X chromosome in band Xq22. The disease describes an X-linked pattern of inheritance with boys who have the mutation affected with the disease while females with the mutation are carriers. The PLP1 gene encodes proteolipid protein (PLP), the most abundant protein of the myelin sheath in the CNS. The mutation in PLP1 in PMD results in loss of myelin and that, in turn, causes the neurological abnormalities. The severity of myelin loss is dependent on the particular PLP1 mutation and can range from early lethal forms of PMD to a mild disorder known as spastic paraplegia type 2 (SPG2). Among the mutations in the PLP1 gene locus that can cause PMD is a duplication of PLP1 in which the duplicated region may be far away from the original PLP locus in chromosome region Xq22. The PLP1 duplication is almost always present in the mothers of affected boys and usually can be traced to the maternal grandfather. The disease is named for the German neurologist Friedrich Pelizaeus (1850-1917) and psychiatrist Ludwig Merzbacher (1875-1942) who independently described the disorder in 1885 and 1909, respectively. The disease is a hypomyelinating X-linked leukodystrophy. MedTerms (TM) is the Medical Dictionary of MedicineNet.com.We Bring Doctors' Knowledge To You

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