What is LawBrain?
It's a living legal community making laws accessible and interactive. Click Here to get Started »

Bookkeeping

From lawbrain.com

Revision as of 16:59, 2 December 2009 by Admin (Talk | contribs)

(diff) ← Older revision | Latest revision (diff) | Newer revision → (diff)

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.

Contributors

Admin