double enty

Definition

1. Noun:
   • Accounting method: "double entry" refers to a system of bookkeeping in which each transaction is recorded in at least two accounts, with equal debits and credits, to maintain the accounting equation (Assets = Liabilities + Equity). This ensures accuracy and balance in financial records.

Usage Examples

• (The method requires both a debit and a credit entry for each transaction.)
• (The system helps detect mistakes by balancing debits and credits.)

Advanced Usage

• "Double entry bookkeeping": the full term for this accounting system.
  • She studied double entry bookkeeping in her accounting course. (She learned the method of recording transactions in two accounts.)

Variants and Related Words

• Entry (n): an item written or recorded in a ledger or book.

  • Each entry in the journal must be accurate. (Each recorded item must be correct.)

• Bookkeeping (n): the activity of recording financial transactions.

  • Good bookkeeping requires knowledge of double entry. (Accurate record-keeping depends on this system.)

Synonyms

• Double-entry accounting: an alternative name for the same system.
• Ledger accounting: a related term emphasizing the use of ledgers.

Phrasal Verbs

• Enter into: to record something in a ledger or account.
  • The accountant will enter the sale into the double entry system. (The sale will be recorded using the method.)

Related Idioms

• Balance the books: to ensure that debits and credits are equal.
  • The accountant balanced the books using double entry. (She verified that the accounts were correct.)

Note: The word "double enty" appears to be a misspelling of "double entry." The correct term is "double entry."