Question

what is double entry system of accounting​

Answer 1

Answer:

Double-entry bookkeeping, in accounting, is a system of book keeping where every entry to an account requires a corresponding and opposite entry to a different account.

Answer 2

Answer:

Explanation:

Double entry, a fundamental concept underlying present-day bookkeeping and accounting, states that every financial transaction has equal and opposite effects in at least two different accounts. It is used to satisfy the accounting equation:

$\huge\begin{aligned} &\text{Assets} = \text{Liabilities} + \text{Equity} \\ \end{aligned}$

 

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