What is double-entry bookkeeping? What are its characteristics as compared to single-entry bookkeeping? (Basic Accounting)

I. Single-entry bookkeeping Single-entry bookkeeping refers to each economic operation that occurs, only in an account to be registered in the bookkeeping method. Single-entry bookkeeping is not easy to check the correctness and completeness of the account records. This method is suitable for economic individuals or households with very simple or single economic operations. Because of the shortcomings of the single-entry bookkeeping method, this method has long been eliminated, modern accounting is the use of double-entry bookkeeping. Second, double-entry bookkeeping method Double-entry bookkeeping method is to balance the relationship between assets and equity as the basis for bookkeeping, for each economic operation, should be in equal amounts, in two or more than two interlinked accounts for registration, systematically reflecting changes in the movement of funds and its results of a method of bookkeeping. Double-entry bookkeeping is a symmetry of single-entry bookkeeping and is one of the most basic and major accounting methods. Double-entry bookkeeping according to the different bookkeeping symbols, can be divided into debit and credit bookkeeping, receipt and payment bookkeeping and increase and decrease bookkeeping method of three. The debit and credit method is a double-entry bookkeeping method with "debit" and "credit" as the bookkeeping symbols, which is an internationally adopted bookkeeping method, and the "Enterprise Accounting Standards" issued in China in 1992 explicitly stipulates that all enterprises within the territory of China adopt the debit and credit method of bookkeeping. In China, the Accounting Standards for Enterprises promulgated in 1992 clearly stipulated that all enterprises in China should adopt the debit and credit method. Receipt and payment method is a double-entry bookkeeping method using "receipt" and "payment" as the bookkeeping symbols, which is the traditional double-entry bookkeeping method in China. Increase and decrease method is to "increase" and "decrease" as the bookkeeping symbols of the double-entry bookkeeping method, this bookkeeping method is the 1960s China's commercial system to reform the bookkeeping method created. Third, the characteristics of double-entry bookkeeping method The double-entry bookkeeping method is based on the basic accounting equation "assets = liabilities + owners' equity" as the basis for the establishment of a scientific method of bookkeeping. Double-entry bookkeeping method compared with the single-entry bookkeeping method, has the following two distinctive features: (a) for each economic operation that occurs, should be registered in two or more interrelated accounts at the same time. (ii) As each economic operation occurs, it is necessary to register in equal amounts in the relevant accounts, so that the results of the account records can be balanced on a trial basis in order to check the correctness of the account records.