Other Free Encyclopedias » Law Library - American Law and Legal Information » Free Legal Encyclopedia: Bill of Particulars to William Benson Bryant

Bookkeeping

debit financial credit

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.

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