slang on September 25th, 2009

Below are two questions and answers on topics on  Accounting Equation:
Question No 1: Fill In The Blank for the following:

1.0

Assets

Liabilties

Capital

a

40,000

10,000

?

b

15,000

?

11,000

c

?

5,000

10,000

d

11,000

8,000

Answer:
1a $30,000 ($40,000-$10,000)
1b $4,000 ($15,000-$11,000)
1c $15,000 ($5,000+$10,000)
1d $3,000 ($11,000-$8,000)
Question No. 2:
The following is the summary data of XYZ Ltd for July presented in equation form. Describe each of the transactions that occurred [...]

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The double entry bookkeeping has mainly been accredited to one Italian, Frater Luca Bartolomes Pacioli  (1445-1517).
Actually Pacioli did not invent double-entry bookkeeping,however, on November 10, 1494 he published the first complete textbook, “Summma de Arithmetica, Geometria: Proportioni et Proportionalita” (meaning “ Everything About Arithmetic, Geometry and Proportion”) describing the standard accounting system with such detail and [...]

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slang on October 13th, 2007

One of the basic fundamental accounting principle is the Dual Aspect Concept which MUST be understood by all.
This dual aspect concept is

also called Double Entry Methodology

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