double-entry accounts

double-entry accounts

the ACCOUNTING records of a firm's day-to-day financial transactions with outside parties which record both aspects of each transaction, namely, what is ‘given’ and what is received in return. By making a double entry in the accounts the firm can record both aspects of the exchange, for example the exchange of cash for raw materials purchased, or the exchange for cash of GOODS or SERVICES sold. See LEDGER, DEBIT, CREDIT.
References in periodicals archive ?
The first two tiers of knots are double-entry accounts, they think, and the third is a summary of the numbers.
The NIPA'S provide a consistent set of double-entry accounts in which output, income, and expenditures are equal and in which saving and investment are equal for the economy as a whole in each accounting period.