double entry bookkeeping Meaning in the Cambridge English Dictionary Cambridge dictionaries logo

Meaning of “double entry bookkeeping” in the English Dictionary

"double entry bookkeeping" in British English

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(Definition of double entry bookkeeping from the Cambridge Advanced Learner’s Dictionary & Thesaurus © Cambridge University Press)

"double entry bookkeeping" in Business English

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double entry bookkeepingnoun [U]

uk   us   (also double entry accounting) ACCOUNTING
the most commonly used ​system of ​recordingfinancialinformation, in which each ​amountspent or received is ​recorded twice. For ​example, an ​amount a ​companyspends to ​buysupplies 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 ​entrybookkeeping, where each ​debit has a ​correspondingcreditentry, 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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