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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.
Application of the Double-Entry Accounting System. To illustrate what this theory means as part of real-world accounting, here are some examples of how it is applied: Purchasing a piece of equipment with cash would show a debit for the equipment and a credit for the cash, which results in a decrease in assets.