Double entry
From ACT Wiki
- Accounting. The dual aspect concept that every accounting transaction has two sides.
(Therefore the balance sheet should always remain in balance.) For example, if services are sold by a company for cash, the company's Sales figure increases AND its Cash increases. Taking another example, if a company borrows money, its Cash increases AND its Liabilities (to repay the money in the future) also increase.
- An error resulting from the inappropriate duplication or inappropriate repetition of an entry or part of an entry, in a financial information system or elsewhere.
