Define: Accountability

UK Accounting Glossary

Definition: Accountability

Quick Summary of Accountability

What is the dictionary definition of Accountability?

Dictionary Definition

Accountability is the obligation to give an account. For limited companies, it’s assumed that the company directors are accountable to it’s shareholders and that this responsibility is discharged, in part, by the directors provision of an annual report and accounts.

In any accountability relationship there will always be at least one principal and at least one agent.


Full Definition of Accountability


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To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.

Page URL
Modern Language Association (MLA):
Accountability. Payroll & Accounting Heaven Ltd. November 21, 2019
Chicago Manual of Style (CMS):
Accountability. Payroll & Accounting Heaven Ltd. (accessed: November 21, 2019).
American Psychological Association (APA):
Accountability. Retrieved November 21, 2019, from website:

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This glossary post was last updated: 27th January 2019.