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Explain the concept of ‘double entry’ with reference to the accounting equation.

Question

Explain the concept of ‘double entry’ with reference to the accounting equation.
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Solution 1

The concept of 'double entry' is a fundamental principle in the field of accounting. It states that every financial transaction has equal and opposite effects in at least two different accounts. This principle keeps the accounting equation (Assets = Liabilities + Equity) in balance.

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