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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We claim that the lack of analyst interest in the FASB-mandated, non-recurring items is symptomatic of a monumental mistake in the asset-liability approach; specifically, it is misaligned with the reasons that firms exist and the resulting demand for causal double-entry accounting as an economic institution.
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.
During this period, the Burgos meat purveyor's ledger is the first known Spanish account book kept according to the double-entry accounting system.
Support and implementation of monitoring activities in the introduction of double-entry accounting
Accounting artifacts are components of accounting that exist only for financial reporting such as journals, ledgers, double-entry accounting, and a chart of accounts.
So goes the punch line to a joke that virtually every fledgling accountant trying to master double-entry accounting has heard.
Station Book-keeping described and advocated a comprehensive system of double-entry accounting for pastoral stations and is posited as a key medium by which this technology was adapted and transferred for use by these entities.
It fostered the emergence of limited liability companies and organized capital markets, which both grew exponentially over the next several hundred years of the Industrial Age, held together by the glue of double-entry accounting.
students, who typically have little interest in the mechanics of double-entry accounting systems, but considerable interest in understanding how financial statements can be used to summarize and communicate a firm's financial position and performance to investors and creditors.
Companies struggling to make Quicken function as a double-entry accounting package should consider upgrading to QuickBooks, one of the most popular small business packages.
The ERT GHG Registry Program features serialization of each metric ton of CO2 equivalent reduced versus an emissions baseline, a double-entry accounting framework, and full ownership and transaction tracking for verified emissions reduction credits.