DOUBLE ACCOUNTING Definition

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DOUBLE ACCOUNTING is the un-intentional, or sometimes fraudulently intentional, double counting of assets or liabilities, or any other datasets, which, in the end, give an inaccurate view of what the data really means. In accounting, this is usually caused by a multiplicity of entries of the same data which, in the end, causes confusion or financial reporting inaccuracies.

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COMPENSATING ERROR is the name given to the situation where one mistake cancels out the effect of a second mistake.

BASE PERIOD is a specified time period under which data is gathered, analyzed and used as a benchmark against which comparative financial or economic data from other periods is measured.

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