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 […]
Tag archives for Venetian merchants
Why is it so difficult to grasp the idea of debit vs credit without confusing the two?
category: Debits and Credits
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 […]
category: Debits and Credits
tags: accounting equation, assets of the business, bookkeeper, books of a business, debit and credit, definitions, economic resources, financial transactions, Venetian merchants, Venetian method
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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 […]
category: History of Accounting
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 […]
category: Debits and Credits
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