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.

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POUND is a currency of Biafra, Cyprus, Egypt, England, Falkland Islands, Guernsey, Isle of Man, Jersey, Lebanon, Libya, Nigeria, Palestine, Rhodesia, South Africa, St. Helena, South Africa, Syria, England, Scotland, Northern Ireland, Isle of Man, Jersey, and Guernsey.

CREDITORS TURNOVER = Average creditors / (Credit Sales / 365).

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