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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.
Before you can understand why assets and expenses both have a debit balance, you must understand what accounts are and how they fit together in accounting. The accounting equation, assets equals liabilities plus equity, is the base of the double-entry bookkeeping system.