Question

What is double-entry bookkeeping? What are the rules associated with it?​

Answer 1

Answer:

Double-entry bookkeeping is an accounting principle where every debit has a corresponding credit. Thus, the total debit amount is always equal to the total credit. In this system, when one account is debited then another account gets credited at the same time.

Answer 2

Answer:

In a double-entry transaction, an equal amount of money is always transferred from one account (or group of accounts) to another account (or group of accounts). For every transaction, the total of debits (left column entries) must equal the total of credits (right column entries)