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.

Игры ⚽ Нужно сделать НИР?

Look at other dictionaries:

  • double entry bookkeeping — UK US noun [U] (also double entry accounting) ACCOUNTING ► the most commonly used system of recording financial information, in which each amount spent or received is recorded twice. For example, an amount a company spends to buy supplies is… …   Financial and business terms

  • double-entry bookkeeping — noun bookkeeper debits the transaction to one account and credits it to another • Syn: ↑double entry • Hypernyms: ↑bookkeeping, ↑clerking * * * ˌdouble entry ˈbookkeeping 7 [double entry bookkeeping] …   Useful english dictionary

  • Double-entry bookkeeping system — A double entry bookkeeping system is a set of rules for recording financial information in a financial accounting system in which every transaction or event changes at least two different nominal ledger accounts. The name derives from the fact… …   Wikipedia

  • double-entry bookkeeping — /ˌdʌb(ə)l ˌentri bυkki:pɪŋ/ noun a system of bookkeeping where both debit and credit entries are recorded in the accounts at the same time (e.g., when a sale is credited to the sales account the purchaser’s debt is debited to the debtors account) …   Dictionary of banking and finance

  • double entry bookkeeping — Accounting system which requires that in every entry there be a debit and a credit; e.g. on cash sale of merchandise, a debit to cash and a credit to sales …   Black's law dictionary

  • double entry bookkeeping — Accounting system which requires that in every entry there be a debit and a credit; e.g. on cash sale of merchandise, a debit to cash and a credit to sales …   Black's law dictionary

  • double-entry bookkeeping — Accounting method that records each transaction as both a credit and a debit in different accounts. Bloomberg Financial Dictionary …   Financial and business terms

  • double entry accounting — UK US noun [U] ACCOUNTING ► DOUBLE ENTRY BOOKKEEPING(Cf. ↑double entry bookkeeping) …   Financial and business terms

  • Double entry — may refer to:*The double entry bookkeeping system, also known as the double entry accounting system. *Double penetration *A pair of doors in the same opening e.g. French doorsee also*Reentry *Double entendre *Dual ported RAM …   Wikipedia

  • 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

Share the article and excerpts

Direct link
… Do a right-click on the link above
and select “Copy Link”