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Double-entry bookkeeping

An Accounting technique which records each Transaction as both a Credit and a debit. Credit entries represent the sources of Financing, and the Debit entries represent the uses of that financing. Since each Credit has one or more corresponding debits (and vice versa), the system of double entry bookkeeping always leads to a set of balanced ledger Credit and debit Account. Selected entries from these Ledger balances are then used to prepare the Income statement.

Related Terms: 16 Account, Accounting, ACH, ADS, Action, Balance, Credit, Debit, Financing, FIN, Income statement, Inc., ITS, Ledger, Record, Transaction
Other Related Pages: Category: Accounting Starting With: D
Semi Related Terms: 585 CLICK HERE TO VIEW
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