double-entry bookkeeping

Double-entry bookkeeping is an accounting method that records each financial transaction in two accounts: a debit in one and a credit in another. This system helps ensure accuracy and balance in financial statements by maintaining the accounting equation-Assets = Liabilities + Equity. Widely used by businesses and accountants, double-entry bookkeeping provides a clear, organized way to track income, expenses, assets, and liabilities, making it easier to detect errors and prepare financial reports.