Answer:
The Double Entry Accounting System is a system used in accounting that requires every financial transaction to be recorded in at least two different accounts. This means that for every debit entry, there must be a corresponding credit entry, and vice versa. The double entry system is based on the idea that every transaction has two aspects: a debit aspect and a credit aspect.
The double entry accounting system is thought to have originated in Italy in the 15th century, during the Renaissance. It was first described by Luca Pacioli, an Italian mathematician and Franciscan friar, in his book "Summa de Arithmetica, Geometria, Proportione et Proportionalita" in 1494.
The double entry accounting system is used for several reasons. First, it provides a check and balance system to ensure the accuracy of financial records. Second, it helps to prevent fraud by requiring multiple entries for each transaction. Third, it provides a clear and complete picture of an organization's financial position, which is important for decision making and financial planning. Overall, the double entry accounting system is a widely used and important tool for financial management and reporting.