Deferred and Double entry: Difference between pages

From ACT Wiki
(Difference between pages)
Jump to navigationJump to search
imported>Doug Williamson
m (Amend header 2.)
 
imported>Doug Williamson
(Layout.)
 
Line 1: Line 1:
1.
# ''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.
''Pensions''.   
 
A deferred pensioner.
 
 
2. ''Financial reporting - balance sheet - liabilities.''
 
Any expectation or entitlement in relation to future cash flows or other future events, as opposed to a current item.  




== See also ==
== See also ==
* [[Active]]
* [[Balance sheet]]
* [[Deferred income]]
* [[Book entry]]
* [[Deferred pensioner]]
* [[Book keeping]]
* [[Deferred tax]]
* [[Credit]]
* [[Debit]]
* [[Double counting]]
* [[Journal entry]]
* [[Off-balance sheet finance]]


[[Category:Accounting,_tax_and_regulation]]
[[Category:Accounting,_tax_and_regulation]]
[[Category:Compliance_and_audit]]

Revision as of 22:12, 28 April 2016

  1. 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.
  2. 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.


See also