Double Entry Accounting System Meaning Explained Examples
Double Entry Accounting System Definition A double entry accounting system refers to the bookkeeping method where two entries are made simultaneously into two different accounts, indicating a firm’s cash inflow and outflow. The purpose is to tally both the accounts and balance the credit and the debit side. This accounting system helps organizations assess their overall performance in a financial year. You are free to use this image on you website, templates, etc....