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 PERSONAL EFFECTS ACCOUNTING DOCUMENT DOCUMENT DE 2005-2025

Personal Effects Accounting Document 2005-2025 Form

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In this video, I'll attempt to explain Double-Entry Accounting in less than two minutes. Start   the clock. What is Double-Entry Accounting? Double-Entry  Accounting is a bookkeeping system. It says   that every accounting entry must have an opposite  corresponding entry in a different account. Debits   and credits are the words we use to reflect each  side. This idea is more than 500 years old. It was   first documented by an Italian mathematician  called Luca Pacioli in his book Summa de Arithmetica. The concepts in this book helped spark  the rise of modern capitalism and earned Luca a   new name: the father of accounting. You see up to  this point, most businesses had been Single-Entry   Accounting. In Single Entry Accounting every entry  is recorded once in a cash account. When a business   receives cash it records revenue, and when it pays  cash out it records an expense. The difference   is a profit or a loss. This can be summarized on  a financial s

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