accounting for double entry bookkeeping

Double-entry bookkeeping is an essential accounting method that ensures accuracy and accountability in financial records. By recording each transaction in two accounts—one as a debit and the other as a credit—it helps maintain a balanced ledger. This system provides a clear, error-free view of a business's financial health and prevents discrepancies. Double-entry bookkeeping is widely used to track income, expenses, assets, liabilities, and equity, making it a reliable foundation for financial reporting and decision-making.