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Simple English definitions for legal terms

double-entry bookkeeping

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A quick definition of double-entry bookkeeping:

Double-entry bookkeeping is a way of keeping track of money that a business earns and spends. Every time a business does something with money, like buying something or getting paid, it is recorded in two places: one as a "debit" and one as a "credit". The amount of money recorded as a debit must always be the same as the amount recorded as a credit. This helps businesses keep track of their money accurately.

A more thorough explanation:

Definition: Double-entry bookkeeping is a method of recording financial transactions in which every transaction involves at least one "debit" entry and one "credit" entry. The total amount of debits must always equal the total amount of credits.

Example: Let's say a business buys $500 worth of inventory. In double-entry bookkeeping, this transaction would involve a debit of $500 to the inventory account and a credit of $500 to the cash account. This ensures that the total amount of debits and credits in the business's records always balance.

This method of bookkeeping is important because it helps ensure accuracy and completeness in financial records. By requiring every transaction to have both a debit and a credit entry, it helps prevent errors and fraud. It also makes it easier to track the flow of money in and out of a business, which is essential for making informed financial decisions.

double-dipping | double forgery

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THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
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@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
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