Double-Entry Accounting
A bookkeeping system where every transaction affects at least two accounts, keeping the accounting equation (Assets = Liabilities + Equity) balanced. One account is debited, and another is credited. It ensures accuracy and is the foundation of modern accounting.
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Deficiency Account
An account used to record the shortfall when liabilities exceed assets, especially in insolvency or liquidation scenarios. It reflects the…
Deferred Payment Sale
A sales agreement where the buyer receives goods now but pays in future installments. The revenue is often recognized at…
Deferred Liability
Deferred liability is a financial obligation not due until a future date beyond the current accounting period. Examples include pension…
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