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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.
Sections below illustrate single entry transactions and further explain: 1  Advantages and disadvantages of both single entry and double entry systems. 2  Reasons that most firms choose double entry accounting. 3  Business settings where single entry accounting can be sufficient for planning, record-keeping and financial reporting.