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 […]
Tag archives for debits and credits
In accounting, why do we debit expenses and credit revenues?
Why is it so difficult to grasp the idea of debit vs credit without confusing the two?
Answer by Peter Baskerville: Why is the idea of debits and credits so difficult to grasp? It is clearly the most confusing concept to understand in accounting, which is why most students simply learn the ‘debit’ and ‘credit’ rules by heart and then apply them according to the rules. But I still think it is […]
Debits & Credits – History and definitions
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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 […]
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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