double entry bookkeeping


double entry bookkeeping
A system of recording accounting transactions with corresponding *debit entries and *credit entries of equal value. The mathematical integrity of the dualistic aspects of double entry bookkeeping can be established, through preparation of a *trail balance, by reference to the accuracy of the * accounting equation. The efficiency of the mechanics of double entry bookkeeping has long been recognized: It has been described as "simple, symmetrical, logical and beautiful" (Sawyer and Vinten, 1996, 204). The origins of double entry bookkeeping are widely attributed to the Italian mathematician and monk *Luca Pacioli, though Pacioli only summarized and synthesized pre-existing practices.

Auditor's dictionary. 2014.

Look at other dictionaries:

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