Bookkeeping system (6,5) Irish Daily Mail Quick Crossword Clue Puzzle Answer from October 24, 2024

Bookkeeping system (6,5) Irish Daily Mail Quick Crossword Clue Answer

Let’s find the answers to Bookkeeping system (6,5) Irish Daily Mail Quick for the 24 October 2024 edition of Irish Daily Mail Quick crossword puzzle. Answer Contains 11 letters. Start with D and end with Y, and the possible solutions are DECIDUOUSLY,DECLAMATORY,DOUBLEENTRY.

The answer to the Bookkeeping system (6,5) 11 Letters is DOUBLEENTRY.

The crossword clue "Bookkeeping system" leading to the answer "DOUBLEENTRY" refers to a fundamental accounting method used to ensure accuracy and accountability in financial transactions. In this system, every transaction is recorded in two accounts: a debit in one account and a corresponding credit in another. This dual-entry approach helps maintain the accounting equation—assets equal liabilities plus equity—ensuring that the financial statements are balanced and accurate.

By requiring that each transaction impacts two accounts, the double-entry system minimizes errors and provides a comprehensive view of a business's financial health. This method also facilitates easier identification of discrepancies, making it an essential tool for auditors and accountants. Furthermore, double-entry bookkeeping supports detailed tracking of income, expenses, and overall cash flow, which is crucial for effective financial management. The practice originated in the 15th century, formalized by the mathematician Luca Pacioli, and has since become the foundation of modern accounting. Its importance extends beyond mere number tracking; it fosters transparency and integrity in financial reporting. Overall, "DOUBLEENTRY" encapsulates a vital bookkeeping system that underpins sound financial practices, emphasizing the importance of precision and balance in accounting.