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Double Entry Accounting Defined. True to its name, double-entry accounting is a standard accounting method that involves recording each transaction in at least two accounts, resulting in a debit to one or more accounts and a credit to one or more accounts.
The accounting equation is fundamental to the double-entry bookkeeping practice. Its applications in accountancy and economics are thus diverse. Financial Statement. A companyâs quarterly and annual reports are basically derived directly from the accounting equations used in bookkeeping practices.