double-entry
Debits equal credits
Double-entry describes a bookkeeping system where every transaction is recorded in two accounts—a debit in one and a corresponding credit in another.
The method ensures books stay balanced and errors are easier to catch: double-entry accounting, double-entry bookkeeping.
The system has been standard practice in business for centuries.
Recorded account reductions
- creditsUnits toward graduation
- ledgerFinancial record book
- journalRecord of daily events
- trial balanceBookkeeping accuracy test
general ledger · accounts · posting · reconciliation · chart of accounts · assets · liabilities · equity
Validating through comparison
- verificationProving something accurate
- validationConfirming truth or accuracy
- auditFormal accounts examination
- error detectionIdentifying inaccuracies in data
reconciliation · proof · balancing · precision · correctness · reliability · systematic · discrepancy
State of balance
- equalitySame status for all
- offsettingCounteracting with equivalence
- correspondingMatching in character
- symmetryInvariance under transformation
parity · counterbalance · matching · reciprocal · mirroring
debits
Recorded account reductions
trial balance · general ledger · accounts · posting · reconciliation · chart of accounts · assets · liabilities · equity · revenue
cross-checking
Validating through comparison
- verificationProving something accurate
- validationConfirming truth or accuracy
- auditFormal accounts examination
error detection · reconciliation · proof · balancing · precision · correctness · reliability · systematic · discrepancy
equilibrium
State of balance
- equalitySame status for all
- offsettingCounteracting with equivalence
- correspondingMatching in character
symmetry · parity · counterbalance · matching · reciprocal · mirroring
- accountingbookkeeping, ledger, balance sheet, general ledger, accounts payable
- Accounting Softwareaccounting software, QuickBooks, general ledger, payroll software, Sage
- bookkeepingledger, general ledger, accounts, ledgers, bookkeeping
- bookkeeping historybookkeeping, ledgers, balance sheets, ledger books, account books