Double entry bookkeeping: Difference between revisions
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imported>Doug Williamson (Create page. Sources: linked pages.) |
imported>Doug Williamson (Expand definition - source - linked pages.) |
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''Accounting'' | ''Accounting''. | ||
A system of bookkeeping in which every accounting transaction has two sides. | A system of bookkeeping in which every accounting transaction has two sides. | ||
Therefore the balance sheet should always remain in balance. | Therefore the balance sheet should always remain in balance. | ||
The two sides of the recording of every accounting transaction are conventionally known as the Debit entry and the Credit entry. | |||
Or sometimes the Debit and Credit ''legs''. | |||
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* [[Debit]] | * [[Debit]] | ||
* [[Double entry]] | * [[Double entry]] | ||
* [[Duality principle]] | |||
* [[Journal]] | |||
[[Category:Accounting,_tax_and_regulation]] | |||
Latest revision as of 05:21, 20 July 2022
Accounting.
A system of bookkeeping in which every accounting transaction has two sides.
Therefore the balance sheet should always remain in balance.
The two sides of the recording of every accounting transaction are conventionally known as the Debit entry and the Credit entry.
Or sometimes the Debit and Credit legs.
