Accounting

{
  "id": "MLC-T-LAW-000314",
  "term": "Accounting",
  "field": "Law",
  "definition": "The systematic process of recording, summarizing, analyzing, and reporting financial transactions of a business or individual. In law, a formal accounting may be demanded in lawsuits involving fiduciaries, such as trustees or business partners, to show how they managed funds entrusted to them. This legal action compels the fiduciary to provide a detailed report of all income, expenses, and assets under their control for court review.",
  "url": "https://mlchart.com/terminology/law/accounting/"
}