Economics: A cost borne by many businesses for the removal and/or reduction of an undesirable item that they have created. Abatement costs are generally incurred when corporations are required to reduce possible nuisances or negative byproducts created during production.

There are several types of abatement. Common ones include: a) in business, a reduction in the amount of a bill or charge; b) in the environmental sector, elimination or reduction of polluting or hazardous substances (such as asbestos) by removal or other method; c) taxation, a reduction or rebate of taxes given in special circumstances. Abatement cost typically refers to the cost to a business of reducing a problem they have created, such as a pollutant.

Sources: Financial Times Lexicon, Dictionary.

General: A cost borne by many businesses for the removal and/or reduction of an undesirable item that they have created. Abatement costs are generally incurred when corporations are required to reduce possible nuisances or negative byproducts created during production.

Evaluation: Obligation to demonstrate that work has been conducted in compliance with agreed rules and standards or to report fairly and accurately on performance results vis a vis mandated roles and/or plans.

Accounting: The responsibility of either an individual or department to perform a specific function in accounting. An auditor reviewing a company’s financial statement is responsible and legally liable for any misstatements or instances of fraud. Accountability forces an accountant to be careful and knowledgeable in their professional practices, as even negligence can cause them to be legally responsible.

Related: Feedback, Voice.

Different uses in different fields reflect: a) whether being accountable is an ethical, mangement / administrative, financial, and / or legal responsibility; b) who is being held accountable (eg, politicians, civil servants, board members, managers, shareholders) to whom (eg, beneficiaries, citizens, taxpayers; partners, etc.); and c) what they are being held accountable for (eg, results, profit, cost effectiveness, contractual obligations, social and environmental impacts etc.). Each responsibility carries different consequences. Some uses of the term include the responsibility to disclose or report results in a transparent manner.

Sources: Financial Times Lexicon, Dictionary.

Accounting: The work of keeping a company’s financial records, recording its income and expenses, and its business deals.

General: The obligation of an individual or organization to account for its activities, accept responsibility for them, and to disclose the results in a transparent manner. It also includes the responsibility for money or other entrusted property.

Related: Impact accounting, Social accounting, Environmental accounting, Social impact accounting, Environmental impact accounting.

Accounting can also refer to the profession and field, not just the practice.

Source: Financial Times Lexicon, Dictionary.