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What is Double Entry Accounting

A system of recording monitory transactions, where for every transaction there are two entries, a debt and a credit employed to give accuracy and completeness to the records. e.g. You buy stationary for ten pound cash. Two accounts will be effected, the stationary account and the cash account. The stationary account to show that there is now ten pounds of stationary and the cash account to show ten pounds has been spent. E.g Debt stationary account, Credit cash account.

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Term created / updated 2005-07-16 23:12:15

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