An overview of the double-entry bookkeeping method, a fundamental tool in accounting for recording transactions. It explains the basic principles, such as identifying the accounts that change, choosing between the general journal or t-accounts, and the conventional debit (left) and credit (right) sections. The document also details the rule that the total debits must equal the total credits for each transaction.

Tipologia: Dispense

2023/2024

Caricato il 08/01/2024

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Scarica The Double-Entry Bookkeeping Method in Accounting e più Dispense in PDF di Cost Accounting solo su Docsity! 3-THE GRAPHIC REPRESENTATION OF THE ACCOUNTING SYSTEM; THE DOUBLE-ENTRY BOOKKEEPINGMETHOD In accounting, to record the eects of transactions, since centuries is used the double entry bookkeepingmethod which is a tool to give a standard graphic representation of the accounting system, based on a little number of (simple) rules: - identify the accounts that change. The “account” is the object of the change - choose either between the general journal or the t-accounts (graphic instrument) - CONVENTIONALLY, left section is debit and right section is credit - Everytime a transaction occurs, two or more accounts change, and the total amounts debited (on the left) must be equal to the total amounts credited (on the right) following the rules as below: every time an account changes during a period, you need a new T