DOUBLE-ENTRY ACCOUNTING Definition

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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.

Learn new Accounting Terms

ANTICIPATED is what is expected.

ACCRUED INTEREST is interest earned but not paid since the last due date.

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