Business Terms and Jargon Explained

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 stationery account, Credit cash account.

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Woolf Reforms Associated company fringe benefits
Defragmentation GTC Decree Absolute
Interest rate risk Actus reus Ex post facto
Tax rebate Transfer Deed Sucre
DTI system Asset Turnover Costing Systems
Exchange rate risk Res Off Balance Sheet
Sub-soil assets United Kingdom Residence
Work Permit Balance of payments (BOP) Business Entertainment
Mens rea Public Sector Liability
Billion Uncollected funds Non sequitur
Capital Adequacy Contempt of Court AFAIK
National Insurance (NI) Public Key Infrastructure - PKI Yearling
Upskill Re Medium of exchange

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

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