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Definitions from WordNet

Definitions from the Web

Double-entry

Definition:

Double-entry refers to a bookkeeping method that records each financial transaction in at least two different accounts to ensure accuracy and maintain the balance between debits and credits.

Part of Speech:

Noun

Sense 1:

A bookkeeping method

Sample Sentence:

Using the double-entry system, each transaction is recorded as a debit entry in one account and a corresponding credit entry in another account.

Sense 2:

Method for maintaining balance

Sample Sentence:

The double-entry approach helps businesses avoid errors by requiring every debit to have a corresponding credit entry.

Sense 3:

Historical term

Sample Sentence:

Double-entry accounting, developed in the 15th century by Italian mathematician Luca Pacioli, revolutionized financial record-keeping.

Sense 4:

Popular methodology in accounting

Sample Sentence:

Double-entry is the most widely used accounting system globally due to its effectiveness in preventing errors and fraud.

Related Products:

Find relevant books on double-entry accounting and bookkeeping on Amazon.