Question

Briefly explain the principle of double entry

Answer 1

The double-entry is an accounting system to record a transaction in a minimum of two accounts and is based on a dual aspect i.e. Debit and Credit and this principle requires that for every debit there must be an equal and opposite credit in any transaction.

Answer 2

Answer:

The main principle of the double entry system is that for every debit is a corresponding credit for an equal amount of money and for every credit there isva corresponding debit for an equal amount of money.