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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 credit and debit sides must balance once you post all the balances from ledger accounts. The purpose of the double-entry bookkeeping system is to reduce the possibility of errors. However, errors can still occur if the preparer lacks accounting knowledge or if he makes transcription, typing or other errors.