double entry bookkeeping - definition in the Business English Dictionary - Cambridge Dictionaries Online

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English definition of “double entry bookkeeping”

double entry bookkeeping

noun [U]
 
 
( also double entry accounting) ACCOUNTING
the most commonly used system of recording financial information, in which each amount spent or received is recorded twice. For example, an amount a company spends to buy supplies is recorded as a debit to the company in one account and as a credit to the seller of the supplies in another account: Double entry bookkeeping, where each debit has a corresponding credit entry, will be used, which provides an arithmetic check of the books.
(Definition of double entry bookkeeping from the Cambridge Business English Dictionary © Cambridge University Press)
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