Double entry bookkeeping, also known as double entry accounting, is a financial system used by businesses to keep track of their financial transactions. While it is a widely used accounting system, there are several other terms that may be used to refer to it. These include the dual entry system, twin entry accounting, and two-fold bookkeeping. These synonyms all refer to the fundamental principle of double entry bookkeeping, which is that every financial transaction involves both a debit and a credit entry. This ensures accuracy and helps businesses to maintain a clear and transparent financial record of their operations.