Double-entry bookkeeping

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Double-entry bookkeeping

Accounting method that records each transaction as both a credit and a debit in different accounts.

Double-Entry Bookkeeping

A system of accounting where every transaction is recorded as a debit to one account and a credit to another. That is, one who uses a double-entry bookkeeping system records each transaction twice, such that each credit (representing revenue) is recorded as a credit to one's capital account and as a debit on one's bank account. For example, if a company sells a product for $100, it adds $100 to its capital account and subtracts $100 to its bank account. One way of conceptualizing the bank account is from the bank's perspective: the debits are debits because any asset in a bank account represents a liability for the bank; this is why they are subtracted instead of added. However, the data are recorded twice to prevent errors in bookkeeping: the total debits and credits recorded should add to zero.
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Chairman of EAC-Themar Securities Brokerage Adel Abdel-Fattah said that keeping the extraordinary rules governing double-entry securities trade will scare off investors.
Soll surveys the educational sources that were necessary to train the double-entry bookkeepers over the last 700 years.
2011), "The affirmation of double-entry bookkeeping in the business accounts of Tuscan merchants in the Late Middle Ages," Presentation at The International Conference of Accounting Theory and History "View from the Past into the Future", St Petersburg, Russia, February 10 and 11.
So it was a very unexpected area for me to be considering writing a book on something as unlikely as double-entry bookkeeping and accounting.
The double-entry reflective journals were subjectively graded by the instructor for completeness and for the students' self-reflection and ability to think critically about the events they encountered.
We just came out with a new self-study course that teaches double-entry bookkeeping in around two hours (one sitting)," Sahlein said.
Venkatrathnam guide readers through the concepts and processes that every bookkeeper needs to know, including: single-vs double-entry bookkeeping, cash- vs accrual-basis accounting, posting financial transactions, keeping a "paper trail" of source documents, preparing a trial balance, creating financial statements, establishing internal controls, preparing for the annual audit, and closing out the fiscal year.
Two general topics that appear to meet these criteria are double-entry mechanics and information.
Chapter 2, "Counting Becomes Accounting," detects cipher-substitutions in Renaissance finances, as when doge Andrea Gritti distributes coins -- instead of gamebirds -- to Venetian patricians, and Luca Pacioli introduces double-entry bookkeeping.
Anyone in the audience who found Eifman's dance-as-drama as alien as any foreign language should have looked upon it as a balletic version of double-entry bookkeeping: The undeniable assets on view--superbly trained dancers, long of limb and bursting with verve; strikingly handsome settings and costumes, especially if designed by Slava Okunev--were counterbalanced by distinct liabilities--strenuous choreography of unrelenting theatricality; a use of great music (all on tape) so cavalier it amounted to abuse.
Furthermore, Rick Elam of the AICPA has stated that "Traditional double-entry bookkeeping is becoming the Latin of business school - interesting to study and useful from a historical perspective, but not in demand in everyday practice.