Double accounting, also known as dual-entry accounting, is a fundamental concept in the field of accounting. It is a method that records each financial transaction in at least two separate accounts, known as debits and credits. The double-entry accounting system was developed in the 13th century by an Italian mathematician and Franciscan friar, Luca Pacioli, and has since become the standard accounting practice worldwide. The primary objective of double accounting is to ensure accuracy and consistency in financial record-keeping. It helps maintain a balance between the company's financial statements, making it easier to detect errors and fraud. The system is based on the accounting equation: Assets = Liabilities + Equity This equation represents the basic principle of accounting, which states that everything a business owns, owes, or is worth must balance. Double accounting works by assigning each financial transaction to at least two accounts: a debit (left side) and a credit (rig...