Difference between revisions of "Accounting"

From Citizendium
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
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.