Tag archives for financial transactions

When people do “accounting by hand”, what do they include on the paper?

My read of the expression ‘accounting by hand’ is that it is the description of the way an enterprise’s financial transactions were recorded before the arrival of computerised accounting some 30+ years ago. What people recorded on paper when doing ‘accounting by hand’ was all the financial transactions of the enterprise. Now the initial information […]

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In accounting, why do we debit expenses and credit revenues?

I wish there was a simple answer to this question … but there isn’t. The rules of debit & credit in accounting are simple enough to learn and apply, but understanding the ‘why’ is far more complex, particularly when you are trying to understand the ‘first principles’ of a system that was created over 500 […]

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How can I better understand debit and credit?

I personally think that trying to understand the debit and credit concept in accounting is near impossible when you are first confronted with it. Learning how to apply the debit and credit concept is far easier. You can be an outstanding bookkeeper or accounting student by just learning the application rules that are taught in […]

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The history and definition of ‘Debits and Credits’ in accounting.

History of Debits and Credits ‘Debits and credits’ is a financial transaction classification system that was first used by the Venetian merchants in Italy in the 15th century. While it was widely used by the Venetian merchants, its took a mathematician by the name of Luca Pacioli to document and publish this system in a […]

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Making sense of Debits and Credits in Accounting.

Confusion about the terms ‘Debits and Credits’ ‘Debits and Credits’ is possibly one of the most difficult concepts to understand in accounting. This is due in large part to the additional meanings that have been added to these terms from the ones that were first coined some 500 years ago. Yes that’s right. The accounting […]

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