ACCOUNTING ENTITY Definition

Bookmark and Share

ACCOUNTING ENTITY is an organization, institution or being that has its own existence for legal or tax purposes. An accounting entity is often an organization with an existence separate from its individual members--for example, a corporation, partnership, trust, etc. See also ACCOUNTING ENTITY ASSUMPTION.

Learn new Accounting Terms

DOUBLE-ENTRY ACCOUNTING is a system of recording transactions in a way that maintains the equality of the accounting equation. The accounting technique records each transaction as both a credit and a debit. Double-entry bookkeeping (DEB) or accounting was developed during the fifteenth century and was first recorded in 1494 as a system by the Italian mathematician Luca Pacioli.

STRAIGHT-LINE METHOD see STRAIGHT-LINE DEPRECIATION METHOD.

Suggest a Term

Enter Search Term

Enter a term, then click the entry you would like to view.