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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The central issue was whether to adopt the internationally accepted double-entry bookkeeping and the financial reporting practices prevailing in the West or to establish new accounting systems, to satisfy the administration needs of the new Socialist economy.
Historical evolution of the balance sheet in the People's Republic of China
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.
Double entry book keeping: a conversation
1975) "Notes on Double-Entry Bookkeeping and Economic Progress," Journal of European Economic History, IV, 3 (Winter), pp.
Las relaciones causales reciprocas del binomio Partida Doble-desarrollo de Occidente: La Teneduria de Libros de los mercaderes medievales
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.
The Story of O: Prostitutes and Other Good-for-Nothings in the Renaissance
Having dealt, under the heading of `Family', with rationality, double-entry bookkeeping, kinship ties, demography, and `love, lust and literacy', Goody wisely drops affairs of the heart for a subject even more intricate, which he simplifies by moving the goalposts.
Food and Love
Schweicker was the pioneer of promoting Pacioli's double-entry bookkeeping in Germany and tried to improve the method of the total balance sheet that was used to close the ledger by Pacioli's method.
Studies in accounting history: tradition and innovation for the twenty-first century
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.
In defense of double entry accounting
Bush only adopted double-entry bookkeeping towards the end of his life, and it is possible that he himself often did not know exactly where he stood.
Empire Builder in the Texas Panhandle: William Henry Bush
Life in western Europe was marked by increasing urbanization, heightened industrial activity, and the expansion of local commerce and long-distance trade; the craft guilds thrived, thanks to newly created universities, alliances between widely dispersed merchants, central governments, liberalized attitudes toward lending money at interest, the beginning of standardized production, and the growth of double-entry bookkeeping.
Lord of the rings
For the industrial era, double-entry bookkeeping evolved to record the changes in wealth through the creation of income and funds flow statements.
The fast changing world of corporate taxation
The technical person may end up acquiescing to the bookkeeper's will in the matter, because concepts such as general ledger, journals and double-entry bookkeeping do not appear to have a significant meaning.
Accounting/bookkeeping in a small consultancy/technical service office
balance of payments accounts, a double-entry bookkeeping system, should equal zero.
U.S. international transactions in 1990

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