accounting entry

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Explanation of "Accounting Entry"

Definition:
An accounting entry is a written record that shows a business transaction. This entry helps keep track of money coming in and going out of a business.

Usage Instructions:

• You can use "accounting entry" when you are talking about financial records in a business.
• It is commonly used in discussions about bookkeeping, finance, or accounting practices.

Example:

• "The accountant made an accounting entry to record the sale of the new laptop."

Advanced Usage:

In more complex accounting, entries can be classified into: - Debits and Credits: One side of the transaction is a debit (money going out), and the other side is a credit (money coming in). - Journal Entries: An accounting entry might be part of a larger record called a journal entry, which details all financial transactions over a period.

Word Variants:

• Account (noun): A record of financial transactions.
• Accounting (noun): The process of keeping financial accounts.
• Accountant (noun): A person who keeps financial records and prepares financial reports.

Different Meanings:

• In everyday language, "accounting" can refer to the act of counting or considering something. For example, "Her accounting of the events was very thorough."

Synonyms:

• Financial Record
• Bookkeeping Entry
• Transaction Record

Idioms:

While "accounting entry" itself doesn't have idioms, here’s a related idiom: - "Keep the books" – This means to maintain financial records.

Phrasal Verbs:

There aren’t specific phrasal verbs directly related to "accounting entry," but here are some that are often used in financial contexts: - "Write off" – To remove an amount from the books as a loss. - "Balance out" – To ensure that debits and credits are equal in accounting records.

Summary:

An accounting entry is essential for businesses to track their financial activities accurately.

Academic

Noun

1. a written record of a commercial transaction

Synonyms

• entry
• ledger entry