double entry bookkeeping

double entry bookkeeping
A system of recording accounting transactions with corresponding *debit entries and *credit entries of equal value. The mathematical integrity of the dualistic aspects of double entry bookkeeping can be established, through preparation of a *trail balance, by reference to the accuracy of the * accounting equation. The efficiency of the mechanics of double entry bookkeeping has long been recognized: It has been described as "simple, symmetrical, logical and beautiful" (Sawyer and Vinten, 1996, 204). The origins of double entry bookkeeping are widely attributed to the Italian mathematician and monk *Luca Pacioli, though Pacioli only summarized and synthesized pre-existing practices.

Auditor's dictionary. 2014.

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  • double entry — noun bookkeeper debits the transaction to one account and credits it to another • Syn: ↑double entry bookkeeping • Hypernyms: ↑bookkeeping, ↑clerking * * * noun : a method or system of bookkeeping that recognizes both the receiving and the giving …   Useful english dictionary

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