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From: Webster's Revised Unabridged Dictionary (1913)

 Reck·on·ing, n.
 1. The act of one who reckons, counts, or computes; the result of reckoning or counting; calculation. Specifically: (a) An account of time. --Sandys. (b) Adjustment of claims and accounts; settlement of obligations, liabilities, etc.
    Even reckoning makes lasting friends, and the way to make reckonings even is to make them often.   --South.
    He quitted London, never to return till the day of a terrible and memorable reckoning had arrived.   --Macaulay.
 2. The charge or account made by a host at an inn.
    A coin would have a nobler use than to pay a reckoning.   --Addison.
 3. Esteem; account; estimation.
    You make no further reckoning of it [beauty] than of an outward fading benefit nature bestowed.   --Sir P. Sidney.
 4. Navigation (a) The calculation of a ship's position, either from astronomical observations, or from the record of the courses steered and distances sailed as shown by compass and log, -- in the latter case called dead reckoning (see under Dead); -- also used for dead reckoning in contradistinction to observation. (b) The position of a ship as determined by calculation.
 To be out of her reckoning, to be at a distance from the place indicated by the reckoning; -- said of a ship.
 day of reckoning the day or time when one must pay one's debts, fulfill one's obligations, or be punished for one's transgressions.