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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.
Double entry system ascertains financial position of the business as it maintains all personal and real accounts. Suitability Single entry system is suitable to a small business where only limited number of transactions are performed. Double entry system is suitable for a large business.