Double-entry bookkeeping

(redirected from Double-entry accounting)
Also found in: Dictionary, Thesaurus.

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.

Mentioned in ?

References in periodicals archive ?

Learning Objective 10 * To apply transactions analysis and double-entry accounting in recording transactions.

Chapter 2: Accounts

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.

Putting on a show; Kirsty's really going places now that her life-long love affair in the glam and dazzling world of ice skating has turned into a career

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.

An academic curriculum proposal

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.

The Silver Bullet for E-Commerce Security

Pacioli published the first work on a double-entry accounting system consisting of three books - a day book, a journal, and a ledger.

Studies in accounting history: tradition and innovation for the twenty-first century

Although Latin and double-entry accounting have been criticized as irrelevant for the modern world, both provide a basic knowledge foundation.

In defense of double entry accounting

These programs are intended for small firms that use double-entry accounting methods.

Software you can count on: choosing the right accounting package for your business

'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.

Double-entry, nonstandard entries, and fraud

51-69] identifies three concepts inherent to economic performance measurement under double-entry accounting (DEA).

Sprouse's what-you-may-call-its: fundamental insight or monumental mistake?

Financial browser ?

Full browser ?

CITE

Site: Follow: Share:

Open / Close