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Every entry to an account requires a corresponding and opposite entry to a different account. The double-entry system has two equal and corresponding sides, known as debit and credit; this is based on the fundamental accounting principle that for every debit, there must be an equal and opposite credit. A transaction in double-entry bookkeeping ...
Two-pass verification, also called double data entry, is a data entry quality control method that was originally employed when data records were entered onto sequential 80-column Hollerith cards with a keypunch. In the first pass through a set of records, the data keystrokes were entered onto each card as the data entry operator typed them.
The modern double entry system was likely a direct precursor of the first European adaptation many centuries later. [4] The first known use of the terms "debit" and "credit" occurred in the Venetian Luca Pacioli's 1494 work, Summa de Arithmetica, Geometria, Proportioni et Proportionalita (A Summary of Arithmetic, Geometry, Proportions and Proportionality).
The accounting equation plays a significant role as the foundation of the double-entry bookkeeping system. The primary aim of the double-entry system is to keep track of debits and credits and ensure that the sum of these always matches up to the company assets, a calculation carried out by the accounting equation. It is based on the idea that ...
It involves preparing source documents for all transactions, operations, and other events of a business. Transactions include purchases, sales, receipts and payments by an individual person, organization or corporation. There are several standard methods of bookkeeping, including the single-entry and double-entry bookkeeping systems. While ...
Bankers in Cairo, for example, used a double-entry bookkeeping system which predated the known usage of such a form in Italy, and whose records remain from the 11th century AD, found amongst the Cairo Geniza. [20] Fibonacci included double-entry and Hindo-Arabic numerals in his Liber Abaci which was widely read in Italy and Europe.
Christie Malry's Own Double-Entry (1973) is the penultimate novel by the late British avant-garde novelist B. S. Johnson.It is the metafictional account of a disaffected young man, Christie Malry, who applies the principles of double-entry bookkeeping to his own life, "crediting" himself against society in an increasingly violent manner for perceived "debits".
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