Question

Double entry system means?​

Answer 1

It means that for every business transaction, amounts must be recorded in a minimum of two accounts. The double entry system also requires that for all transactions, the amounts entered as debits must be equal to the amounts entered as credits.

Answer 2

Double-entry bookkeeping, in accounting, is a system of bookkeeping so named because every entry to an account requires a corresponding and opposite entry to a different account. The double entry has two equal and corresponding sides known as debit and credit. The left-hand side is debit and right-hand side is credit.

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