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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 accounting formula is how double-entry bookkeeping is established. The accounting formula, also called the balance sheet equation, represents the relationship between the assets, liabilities, and owner's equity of a small business. It is necessary to understand the accounting formula to learn how to read a balance sheet.