Double-entry Accounting

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Description

A system of recording every business transaction with equal dollar amounts of both debit and credit entries. As a result of this system, the accounting equation always remains in balance; in addition, the system makes possible the measurement of profit and also the use of error-detecting devices such as a trial balance.

Concept Prerequisite

Wikipedia Reference

http://en.wikipedia.org/wiki/Double-entry Accounting

Learning Material

Covered in Topic(s)

 
The Accounting Cycle: Capturing Economic Events
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