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The double entry system of accounting is a fundamental method used in managerial accounting to record financial transactions in a way that ensures the accounting equation, Assets = Liabilities + Equity, always remains balanced. This system is based on the principle that every financial transaction has a dual effect on the accounts. In other words, for every debit entry made in one account, there must be a corresponding credit entry in another account of equal value. This dual recording helps in accurate financial __________ ____ _____ _______ _______ ______ _________ _____ _______.
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