Accounting·Basic accounting systems · NSSCO 1.3
The rules of double entry
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Every transaction has two sides, so we record it twice — once as a debit and once as a credit of equal value. In this lesson we draw the T-account, state the golden rules with the famous DEAD CLIC mnemonic, tie them straight back to the accounting equation, and then debit-and-credit five real Namibian transactions, proving that total debits always equal total credits.
What you'll learn in this lesson
By the end you should be able to (NSSCO Accounting 1.3):
- Explain the meaning of the double entry system in relation to the dual aspect principle
- Relate the accounting equation to the double entry system
- State the rules of double entry
- Illustrate the rules of double entry
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Ms Pieters and Mike talk through the whole topic — with the figure and working drawn live.