Double Entry System Advantages & Disadvantages: Any business transaction involves at least two accounts which we call as Debit and credit. As said above , double entry system assumes every transaction has two aspects Debit and credit. Both of these aspects should be recorded in books if accounts. It is considered as a scientific system of accounting.It is named so because it records the both aspects of a transaction. For example when we buy some thing for business we have to record both the aspects involved like the thing we bought and the thing we paid or gave for that. Without applying the double entry concept, accounting records would only reflect a partial view of the business's affairs.