What is the concept of double-entry bookkeeping?
What is the concept of double-entry bookkeeping?
Tracking customer payments twice
Generating duplicate invoices
Managing payroll 2x each quarter
Recording every transaction with equal debits and credits
3 answers
Double-entry bookkeeping is a system of accounting in which every transaction is recorded in at least two accounts, with each transaction having both a debit and a credit entry. This ensures that the accounting equation (Assets = Liabilities + Equity) remains balanced. This system helps to maintain accuracy in financial records and provides a clear audit trail for all transactions.
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Recording every transaction with equal debits and credits
1 answer