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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 systematic recording of a company's financial transactions. The two most common bookkeeping methods are single-entry and double-entry. â The company failed to follow any proper bookkeeping procedure, and as a result, they lost a lost of their assets.