There are two parts to our acceptance with God.
1. Our absolution from the guilt of sin, that our disobedience be not charged upon us. This we have by the death of Christ; our sins being imputed to him, shall not be imputed to us, 2 Cor. 5:21; Rom. 4:25; Isa. 53:12.
2. Imputation of righteousness, that we may be accounted perfectly righteous before God; and this we have by the life of Christ. His righteousness in yielding obedience to the law is imputed to us. And thus is our acceptation with God completed. Being discharged from the guilt of our disobedience by the death of Christ, and having the righteousness of the life of Christ imputed to us, we have friendship and peace with God. And this is that which I call our grace of acceptation with God, wherein we have communion with Jesus Christ.
~ John Owen ~