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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.
Single entry accounting systems record only cash inflow and outflow transactions, each with a single journal entry. Double entry systems, by contrast, also record non cash flow events (such as accruals), and each event calls for two account entries. Examples illustrate and compare both approaches.