double entry accounting

double entry accounting
double entry accounting UK US noun [U] ACCOUNTING
DOUBLE ENTRY BOOKKEEPING(Cf. ↑double entry bookkeeping)

Financial and business terms. 2012.

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  • double-entry accounting — A system of accounting that records each business transaction twice (once as a debit and once as a credit). For example, if you pay your monthly rent of $1,000, you you make a debit of $1,000 to the rent expense account and a credit of $1,000 to… …   Law dictionary

  • 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 — 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 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 — The fundamental concept underlying present day bookkeeping and accounting. Double entry accounting is based on the fact that every financial transaction has equal and opposite effects in at least two different accounts. It is used to satisfy the… …   Investment dictionary

  • double entry — n. a system of bookkeeping in which every transaction is entered as both a debit and a credit in conformity with the underlying accounting equation which states that assets equal liabilities plus net worth double entry adj …   English World dictionary

  • single-entry accounting — A system of tracking business income and expenses that requires each item of income or expense to be recorded just once. Compare: double entry accounting Category: Business, LLCs & Corporations → Business Accounting, Bookkeeping & Finances… …   Law dictionary

  • 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… …   Auditor's dictionary

  • double-entry cost accounting — The maintenance of cost accounting records using the principles of double entry book keeping …   Accounting 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

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