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Why was the double entry accounting method created?

Answer:

Double-entry accounting is a standard accounting method that involves each transaction being recorded in at least two accounts, resulting in a debit to one or more accounts and a credit to one or more accounts. Double entry accounting provides a method for quickly checking accuracy because the sum of all accounts with debit balances should equal the sum of all credit balance accounts. The best accounting software for business uses double entry accounting; without that feature an accountant will have difficulty preparing year end and tax records. Personal finance software does ot necessarily require double entry accounting, although some personal finance titles provide this feature but hide it from the user to prevent confusion

First answer by Rahulsgupta85. Last edit by Rahulsgupta85. Contributor trust: 8 [recommend contributor recommended]. Question popularity: 1 [recommend question].