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Accounting is the process of recording all financialtransactions of a business over its lifetime. It doesnt require a set of complex rules or principles for recording transactions, making it accessible for anyone, even without advanced accounting knowledge. It records only one side of the transaction.
The double-entry system is a method of bookkeeping that records financialtransactions in two accounts. Simply put, the double entry system means that every financialtransaction is recorded in at least two different accounts: one account is debited (money going out) and another account is credited (money coming in).
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