Bookkeeping

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Bookkeeping

The process of systematically and methodically recording the financial accounts and transactions of an entity.

Double-entry bookkeeping is an accounting system that requires that for every financial transaction there must be a debit and a credit. When merchandise is sold for cost, there is a debit to cash and a credit to sales.

See: accounting, computation, registration
References in periodicals archive ?
The company has had to restate its accounts for last year twice because of a series of embarrassing bookeeping errors which have directly affected past profits, forced the resignations of two executives, triggered a current profits warning and seen the share price go through the floor.
I had a good job as an inspector of electronics and I also did bookeeping. All this was due to my teachers at Red Lane School, their system and discipline.
CBS's Dan Rather offered a two-line news-read drily announcing the plan and then led into the day's White House report: a feature detailing how Clinton had cunningly evaded his pledge to cut the White House staff by 25 percent through a bookeeping maneuver.