Need business and finance help to Describe double-entry bookkeeping and the matching principle.

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Describe double-entry bookkeeping and the matching principle.

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School: Rice University

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Double entry refers to a record keeping system whereby a every transaction is recorded in two effects i.e. a debit and a credit effect..for example a purchase of goods we debit cash account and credit cash account.                     Matching principle of accounting states that all expenses incurred must matched by the revenues earned in the same period.

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