READ ‘ABOUT PACIOLI’ AND THE ORIGINS OF ACCOUNTING
Five hundred years ago, Luca Pacioli, a Franciscan Friar, wrote a book on mathematics in which he included a section on the double entry system, “because it would be useful for merchants.” He provided a set of rules for them to follow, but written in a form that the clerks could apply without having to understand his use of a simple equation.
When we return to Pacioli’s simple use of that equation, the whole subject becomes clear and easy to use.
It is as easy as 1 = 1. That’s why it forms the framework on which ‘Understand Accounting’ is built.