Double-Entry System | MBA in Pills | 4wMBA

As any other language, the accounting system has its own. Indeed, in accounting in order for you to record a transaction you have to use the double-entry system. Double entry means that each single transaction needs to be recorded twice, on the left side if debited and on the right side if credited. Usually, when you think of debit or credit in real life is different compared to debit or credit in accounting. In fact, debit does not mean that you have a debt to be paid back; neither credit means that you have money to receive.

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thefourweekmbateam

Gennaro Cuofano, International MBA. Author of "The Enlightened Accountant," and "The Art of Mentorship."