double-entry accountsthe ACCOUNTING records of a firm's day-to-day financial transactions with outside parties which record both aspects of each transaction, namely, what is ‘given’ and what is received in return. By making a double entry in the accounts the firm can record both aspects of the exchange, for example the exchange of cash for raw materials purchased, or the exchange for cash of GOODS or SERVICES sold. See LEDGER, DEBIT, CREDIT.
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson