What do you mean by double entry system? Distinguish it from single entry system.

The double-entry system and single-entry system are two fundamentally different methods of accounting used to record financial transactions. Here, we'll define both systems and distinguish between them:

Double-Entry System:

1. Definition: The double-entry system is a comprehensive accounting method that records every financial transaction with at least two entries – a debit and a credit – to maintain the fundamental accounting equation: Assets = Liabilities + Equity.

2. Principle: Based on the principle that every transaction has an equal and opposite effect on the accounting equation. In other words, for every debit entry, there must _______ _____ __________ ______ ___ __________ _________ ____.
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