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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Papers on REA primarily stress using REA to design an accounting system, but wide acceptance of REA as an accounting system design methodology probably would depend on a fundamental reexamination of the accounting model would a move away from double-entry accounting. REA research has not considered how REA would institute complex accounting situations such as accounting for business combinations and derivatives.
Learning Objective 10 * To apply transactions analysis and double-entry accounting in recording transactions.
Although the software uses the world industry standard of double-entry accounting, Quentin has transformed the whole process making it accessible to those with no training whatsoever.
It is convenient that a number of the theorems useful for beginning an inquiry into these applications are introduced in the context of double-entry accounting in the "structure" course.
One section of this book was dedicated to the description of double-entry accounting. The system provided a methodology of checks and balances to control the financial operations of a company.
Pacioli published the first work on a double-entry accounting system consisting of three books - a day book, a journal, and a ledger.
Although Latin and double-entry accounting have been criticized as irrelevant for the modern world, both provide a basic knowledge foundation.
These programs are intended for small firms that use double-entry accounting methods.
The consultants must have the following qualifications and experience: - good knowledge of double-entry accounting or cameralistics, - experience in dealing with sap, Preferably the modules sap fi or sap psm, - secure handling of the ms office products excel, Word and outlook, Also ms office powerpoint as well as the share point application moss, - ability to recognize and understand complex issues - communication and presentation skills, - pleasant and safe appearance with quality and
Accounting artifacts are components of accounting that exist only for financial reporting such as journals, ledgers, double-entry accounting, and a chart of accounts.
'When he passed away, his younger accountant coworkers rushed to his desk drawer and found it contained a slip of paper that said: 'Debits are by the window.'" So goes the punch line to a joke that virtually every fledgling accountant trying to master double-entry accounting has heard.
51-69] identifies three concepts inherent to economic performance measurement under double-entry accounting (DEA).