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 not necessarily require double entry accounting, although some personal finance titles provide this feature but hide it from the user to prevent confusion.
Double Entry Account Types:
Asset accounts - something you own, such as your checking account or the unmortgaged portion of your home.
Liability accounts - something that you owe, like a mortgage, car loan or credit card balances.
Income accounts - money you receive.
Expense accounts - money you spend.
Resources to learn more about double entry accounting: