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What Is 'Accounting'
What Is 'Accounting'
What Is 'Accounting'
receivables column and a debit under the balance sheet's revenue column. When the client
pays the invoice, the accountant debits accounts receivables and credits revenue. Doubleentry accounting is also called balancing the books, as all of the accounting entries are
balanced against each other. If the entries aren't balanced, the accountant knows there
must be a mistake somewhere in the ledger.