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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.
Similarly, if a company purchases a print ad, its cash account decreases while its expense account, under the account category of advertising expense, increases. The main idea is to always keep a balance, so the double entry bookkeeping system can use what is known as the accounting equation. I like to call this the financial compliance equation. The equation looks like this: Liabilities + Ownerâs Equity = Assets.