TAKING ACCOUNT Meaning and
Definition
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Taking account refers to the process of considering or acknowledging something, usually with careful attention to its various aspects or characteristics. It involves recognizing or taking into consideration certain factors when analyzing, evaluating, or making decisions about a particular matter or situation.
Within the context of accounting or finance, taking account refers to the systematic recording, review, and analysis of financial transactions, assets, liabilities, and related information of an individual, organization, or business entity. This process involves gathering and documenting financial data such as income, expenses, investments, debts, and profits.
In a broader sense, taking account can also refer to considering or factoring in other important elements when making judgments, assessments, or plans. For instance, when considering a business strategy, one must take account of market trends, consumer preferences, competitor analysis, and economic factors. In personal matters, taking account may involve evaluating one's strengths, weaknesses, values, and goals when making life decisions.
The act of taking account typically requires careful examination or scrutiny of relevant information and the ability to make informed judgments or assessments based on that information. It enables individuals, organizations, or businesses to have a clearer understanding of the current status or situation, enabling them to make effective decisions and strategies for future progress or improvement.
Common Misspellings for TAKING ACCOUNT
- raking account
- faking account
- gaking account
- yaking account
- 6aking account
- 5aking account
- tzking account
- tsking account
- twking account
- tqking account
- tajing account
- taming account
- taling account
- taoing account
- taiing account
- takung account
- takjng account
- takkng account
- takong account
Etymology of TAKING ACCOUNT
The etymology of the phrase "taking account" can be understood by exploring the origins of its constituent words.
1. Taking: The word "taking" comes from the Middle English word "taken", which has its roots in Old English "tacan" meaning 'to grasp or seize.' It later evolved to mean 'to catch hold of, to capture, to capture the attention of.' In the context of "taking account", it signifies the action of actively acquiring or grasping information.
2. Account: The term "account" originates from the Latin word "computare", which means 'to calculate or reckon.' In Old French, it transformed into "acunter", then Middle English "accounten", and eventually became "account" as we know it today. It refers to a report or statement of financial or factual information, involving calculation, recording, or explaining.
