Accounting: Difference between revisions
Jump to navigation
Jump to search
imported>Jonathan Beshears (New page: Accounting, also known as bookkeeping or accountancy (the practice of accounting), is the process of recording transactions within a business. Before the modern era, many businesses used c...) |
imported>Jonathan Beshears No edit summary |
||
| Line 1: | Line 1: | ||
Accounting, also known as bookkeeping or accountancy (the practice of accounting), is the process of recording transactions within a business. Before the modern era, many businesses used cash-basis accounting, which simply records when money is spent. Today most countries use the double-entry method, which was invented in Italy during the renaissance<ref>http://en.wikipedia.org/wiki/Luca_Pacioli</ref>. In the double entry method, all transactions (not just cash transactions) are recorded, and every transaction has 2 entries: a credit and a debit. | Accounting, also known as bookkeeping or accountancy (the practice of accounting), is the process of recording transactions within a business. Before the modern era, many businesses used cash-basis accounting, which simply records when money is spent. Today most countries use the double-entry method, which was invented in Italy during the renaissance<ref>http://en.wikipedia.org/wiki/Luca_Pacioli</ref>. In the double entry method, all transactions (not just cash transactions) are recorded, and every transaction has 2 entries: a credit and a debit. | ||
<references/> | |||
Revision as of 00:18, 7 January 2008
Accounting, also known as bookkeeping or accountancy (the practice of accounting), is the process of recording transactions within a business. Before the modern era, many businesses used cash-basis accounting, which simply records when money is spent. Today most countries use the double-entry method, which was invented in Italy during the renaissance[1]. In the double entry method, all transactions (not just cash transactions) are recorded, and every transaction has 2 entries: a credit and a debit.