double-entry accounting

Definition of "double-entry accounting"
  1. An accounting system that records each business transaction in two ways, as a debit and a credit, employed for handling inventory, loans, assets, and liabilities
How to use "double-entry accounting" in a sentence
  1. The restaurant uses double-entry accounting to manage its expenses and revenue.
  2. Double-entry accounting helps businesses keep accurate financial records by balancing debits and credits.
  3. He found an error in their financial statement due to a discrepancy in the double-entry accounting system.

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