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Basic Accounting Concepts 2 - Debits and

Credits

A tutorial to help you understand the

bookkeeping/accounting concepts of Debits and Credits

Most people don’t find the math of Accounting as difficult

as understanding the concepts of accounting, and for
many there is no more difficult concept to grasp than that
of Debits and Credits.

Now the concept of Debits and Credits is actually more

than 500 years old, being used extensively by the Venetian
merchants of Italy in the 15th century Renaissance period.
The concepts were first documented in Latin in the 1400’s
and were later translated into English in the 16th century.

Is it any wonder then, with the passage 500 years, that we

may have become a little confused about the original
meaning and concepts, particularly with the English
language adopting new legal and everyday meanings for
these age old words.
So it may be beneficial then, as we try to understand the
concept of Debits and Credits, to go back to where it all
begun ... but first some background.

Permanent link to this knol:

http://knol.google.com/k/peter-baskerville/basic-accounting-concepts-2-debits-and/1

Link
Baskerville, Peter; Guild (KPG), Knol Publishing. Basic Accounting Conce

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Basic Accounting Concepts - for bookkeeping students

This training session is targeted at students who have a desire to learn more about
bookkeeping. While specifically developed for students other people interested in
understanding more fully the accounting concepts, may also find this training
session beneficial.
Prior to commencing this training session, it is recommended that you first complete the
Basic Accounting Concepts 1 - Definitions.

This training session assumes that you know a little about bookkeeping but that you realise to
progress in your work application or your learning, you need to understand more fully the
concept of Debits and Credits. So, this session seeks to deliver training on the concept of
Debits and Credits, from the student bookkeeper's point of view.

KEYWORDS

Accounting
Knols

1 Accounting
Definitions
2 Breakeven
Calculation

credits, debits, firm, accounts, accounting concepts, bookkeeping, financial transaction,

accounting system, Luca Pacioli, account group, double entry bookkeeping, duality of
financial transactions.

Learning Outcomes
At the completion of this training session, you will be able to answer the following focus
questions:
1. What is the origin of Debits and Credits?
2. Why was it called Debit and Credit?
3. What are the underpinning concepts for Debits and Credits?
4. How would they have applied Credits and Debits in the 1400's?
5. Is there another way to look at applying Debits and Credits?

Introduction - Debits and Credits

The dictionary defines Debits and Credits, for the bookkeeping system, as Debits ‘being
those entries recorded on the left side’ and Credits ‘being those entries recorded on the right’
side. Now some people are comfortable with this definition and after learning all the other
rules and axioms of bookkeeping, go on to become very good bookkeepers.
 Debits on the Left ... Credits on the Right

However, there are others that want to know more about this concept of Debits and Credits so
that they can apply them in a more meaningful way. If you are in the latter group, then this
Knol is for you.

Before proceeding, it would be very useful for both the rule-learning and concept-
understanding bookkeeping students to learn ‘off by heart’ the table given below and to also
have a solid understanding of the definition of each account group used in the
bookkeeping/accounting process.

Note: One thing that is very clear is that the terms 'debit and credit', as used in bookkeeping,
has its own special meaning and it should not be confused with any other meaning of the
term. (i.e. Debt as in owing money to someone or Credit as in having time to pay for the
purchase of goods are not definitions of the Accounting Debit and Credit) Also, the
accounting meaning of a term may have a different application to the legal meaning within
the same country.

Table 1 - Do I DEBIT it or CREDIT it?

When you When you
INCREAS DECREAS
E the $ E the $
ACCOUN amount in amount in
T this this
GROUP account account
group you group you
..…. it. ..… it.
Asset Debit Credit
Liability Credit Debit
Owners
Credit Debit
Equity
Income Credit Debit
Expenses Debit Credit
Under the Table 1 approach you would ask the following questions when ever required
to record a financial transaction in the firm's accounts.
 1. What accounts are involved? (There must be a
minimum of 2)
2. What account group do they each belong? (They
must belong to one of the five)
3. Has the financial transaction increased or decreased the
$ amounts in this account?
4. Apply the table logic.
5. Make sure that the total amount $ of the debits = the
total $ amount of the credits.

Table 2 - DEFINITIONS
ACCOUNT Lay-person’s Alternative
GROUP definition definition
Item of
economic
value over
Asset Asset
which the
firm has legal
control.
Monies owed
by the firm to
external
Liability entities. Liability
(Creditors &
Loan
providers)
Monies owed
by the firm to
Equity (or
internal Owners
Owners
entities. Equity
Equity)
(Investors,
owners)
Monies paid
by others for
goods and
Income Income
services
provided by
the firm.
Assets and
supplies
Expenses consumed in Expenses
the earning
of income.

Whose Perspective?
A
One 'credit' that worries most newcomers to accounting, is the one that appears on their bank
statement. See they have just learnt that 'cash at bank' is an asset and according to Table 1
when you increase an asset you 'debit' it ... so how come the credit balance in my bank
account goes up when I deposit money ... they ask.

Well the answer is one that is fundamental to the accounting system. Each firm records
financial transactions from their own perspective. So, think about the bank's perspective
for a moment ... how do they view the money you have just deposited? Whose money is it?
That's right ... it is yours! So your deposit is treated, from the bank's perspective, as a liability
(money owed by the bank to others). When you deposit money into your account, THEIR
liability increases which is why (using Table 1) they credit your account.

The current teaching

Tradition Explanation of Debits and Credits

OK, on with the full story about Debits and Credits ....

Session - Debits and Credits

PART 1 – What is the origin of Debits and Credits?

In more primitive trading times, bookkeeping was not such a big issue because the person
who manufactured or produced the goods was usually the person selling or trading the goods
in the market place. However, the Renaissance period saw a huge increase in both trade and
banking systems brought about by the Roman-built transport systems and the growth of more
sophisticated societies like those in Italy (particularly Venice). So, the merchants of Venice
in the 1400’s, developed an accounting system to accurately record these more complex
financial dealings that were prevalant of the time.

Now a Franciscan friar and mathematician from that era, Luca Pacioli (1446–1517), is
widely regarded to be the "Father of Accounting" because he was the first to codify and
publish this accounting system in his book titled , "The Collected Knowledge of Arithmetic,
Geometry, Proportion and Proportionality" (translated). The book was published in 1494
(about the time that Columbus discovered America) and it was one of the earliest books
published on the Gutenberg press.

Luca makes no claims about inventing the system but he does present it in a way that others
can easily understand it. His motive for recording the bookkeeping system, that was used by
the Venetian merchants during the Italian Renaissance period, was to help Guidobaldo, the
Duke of Urbino, in the management of his financial affairs.

This documented system, described in only one section of the five-section book, has become
known as the ‘double-entry accounting’ system. The 36 short chapters on the accounting
system contained in the book, became the only accounting text-book for the next hundred
years and its principles have been continuously followed by accountants right up to today.

Image Source #4 - Polyhedra

Interestingly, Luca Pacioli was actually a colleague of Leonardo da Vinci and it was
Leonardo who helped him illustrate his second most important manuscript De Divina
Proportione ("Of Divine Proportions").

This fact was mentioned by the author and Leonardo Da Vinci mentions Pacioli many times
in his notes. Opposite is a drawing of the Polyhedra which was one of the illustrations by
Leonardo in Luca's book. Other interesting facts are uncovered by Marcino Guerrero in his
Knol Pcaioli and Da Vinci#

#2 www.divulgamat.ehu.es
Most of Luca’s work still underpins the accounting system we use today. Those concepts
from his book in 1494 that are still practiced today include;
  The accounting cycle
 The use of journals and ledgers
 Debits equalled credits - ‘double entry bookkeeping’
 The account groups of assets (including receivables and inventories),
liabilities, capital, income, and expenses
 Year-end closing entries
 The trial balance, which he believed should be used to prove a
balanced ledger.

Summary
In Part 1, we learned about the 500 years history of Debit and Credits and the significant
contribution made to the world of accounting by the Franciscan friar and mathematician Luca
Pacioli with his 'double entry bookkeeping system.

PART 2 - Why was it called Debit and Credit?

 Image source #6 - Latin Coins
Now remember, Luca was more a mathematician than an accountant, so his mind would have
been trained to look for the key principles, concepts and symmetry that underpinned the
Venetian merchant’s financial recording system.

Key concepts he would have identified were (1) that in the accounting world, the business (or
firm) was an entity in its own right and that that entity was separate and distinct from the
owners. Another principle he would have seen is that (2) the financial world is a closed
system. That is, money just doesn’t just materialise form nowhere. If money is received by
someone it must have been given by someone else and vice versa.

This closed system of giving and receiving would have led him to see the concept of 'duality'
in financial transactions relating to a firm. For example, when an amount of money is
entrusted by someone to a separate and distinct firm, then that firm would now have an
obligation and owe that person the same amount of money in return.
Using his native Latin, Luca named the act of entrusting - ‘Credre’ (which means ‘to
entrust’) and the corresponding obligation on the firm - ‘Debere’ (which means ‘to owe’). So,
from the point of view of the firm, he could see that this principle of duality held true for
every financial transaction entered into by the firm. For him, it was not just a formula but an
aspect of existence where one side could not exist without the other. In a closed system, every
‘Debere’ must have a corresponding ‘Credre’ and vice versa. In other words, ‘Debere’ and
‘Credre’ were two sides of the same coin. (In finance - when someone 'entrusts' money then
someone else ends up 'owing' it')

He was so convinced of this concept of duality, that he is said to declare that no one should
go to sleep at night without ensuring that the ‘credre’ equalled the ‘debere’. (credits = debits)

The English translators used the Latin roots for these concepts and so named them Debits and
Credits. It is highly probable that we also got the abbreviated forms of these terms (Dr and
Cr) from the Latin roots as well, because there is no ‘r’ in the English word Debit but there is
one in its Latin form 'Debere'.

Summary
In Part 2, we see the emergence of the concept of duality where debits and credits are just two
sides of the same coin in the way that the Chinese concept of 'yin and yang' are
complementary opposites within a greater whole. We begin to see the concepts that underpin
the application of Debits and Credits and the link to the original Latin root with its original
meaning.

PART 3 - What are the underpinning concepts for Debits and Credits?

Image Source #5 - Accounting Concepts

To properly understand Debits and Credits you will need to first understand the concepts that
underpin the whole accounting process. Some of these are called Accounting Conventions
and others are simply re-enforcing the way that the accounting systems looks at and records
financial transactions.

Accounting Concept 1 – The business or firm is an entity.

In simple terms, the legal system defines an entity as a person or non-person that is capable
of suing or being sued under the laws of the land. In most countries of the world, companies
are given this ‘non-person’ entity status and are given the same rights and obligations of
individual persons. Accounting takes this concept a step further by stating that every firm
(including sole traders and partnerships), creates its own ‘accounting entity’ and that the
income and net worth of each entity must be calculated based on its own financial
transactions.
Accounting Concept 2 – The business (firm) is a separate entity distinct from the
owners
A firm, while it has 'legal' control over items of value, it is not the ultimate owner of those
things. In other words, if the firm sold everything it had, it would be obliged to distribute all
those monies to meet the claims made by other people or entities. The firms first obligation is
to pay the claims made by external people (i.e. loans and creditors) with the balance being
given to meet the claims made by the owner(s). The business would then return to how it all
began, as a blank sheet without obligations or the control of any items of value.
Accounting Concept 3 – People can wear multiple hats.
While this a not a strict accounting concept, it is an important one to understand when getting
the right perspective on financial transactions. Just like one person can be a parent, sibling,
cousin or an offspring, so too a person can be an investor in a firm, a creditor/debtor of a
firm, the manager of a firm or a director of a company that controls the operations of a firm.
The important thing to remember is, that in accounting the financial transactions are always
analysed and recorded from the firm’s point of view with you as the manager (not owner).
Accounting Concept 4 – Every financial transaction has two sides to it.
The financial world is a closed system. That is, money does not just arrive from nowhere. If
money is received by one person or entity, it must have been given by another person or
entity. This gives us our first insight into the Debits and Credits system that we use in
accounting today.
Accounting Concept 5 – The profit from the firm's activities belongs to the owners.
As understood from Concept 2, the firm does not really own anything, from an accounting
perspective. It may have legal rights of ‘ownership’ or control, but fundamentally in
accounting terms it is an accounting entity set up by the owners to manage their affairs. So,
when a firm makes a profit it does so for the owner's benefit, not for the firm's. Remember, if
everything was sold off the firm would be left with nothing because everything of value
would be used to first pay off liabilities with the remainder going to the owners.

www.wordle.net - Debits and Credits

Summary
In Part 3, we get to understand the accounting concepts that not only underpin the concept of
Debits and Credits, but the whole accounting system as well. We learnt that;
 1. The business or firm is an entity.
2. The business (firm) is a separate entity distinct from the owners
3. People can wear multiple hats and operate in multiple capacities.
4. Every financial transaction has two sides to it.
5. The profit from the firm's activities belongs to the owners.

PART 4 - How would they have applied Credits and Debits in the 1400's?

Image Source #1 - http://www.flickr.com Venice

As Lucia pointed out, the accounting system he documented was being widely used by the
Venetian merchants. These people seem to be the 15th century entrepreneurs. Let’s say that a
Venetian entrepreneur named Antonio asked Lucia to record the financial transactions of his
new business (firm) prior to Luca completing his famous ‘Summa’ book in 1494.

(Note: For the purposes of this story we will use the $ rather than the Venetian ducat or
Florence's famous fiorino d'oro 'golden florin' and use the English accounting terms rather
than the Latin)

The story goes ...

Antonio had spotted an opportunity to sell Italian olives to Egypt. Antonio thought he could
make a killing. So, Antonio (as manager of the new firm) approached an Italian olive
provider and convinced him to supply $100,000 worth of olives but with the promise to pay
him on his return from Egypt. Antonio did not mention the profit he was going to make
because the olive provider’s only interest was in being paid for the olives.

So, Lucia had his first financial transaction, and noted the following using the Latin meanings
for Debits and Credits:
• The firm had increased its obligations to the Italian olive producer because the
producer had ‘entrusted’ $100,000 to the firm in the form of olives - Credit
(Cr)
and
 • The firm was now in possession of Olives which it could use (sell) to repay
the obligation (‘what it owes’) to the Italian olive producer $100,000 – Debit
(Dr)
Using the Table 1 approach we would make the following entry:
Asset - Stock (increase) $100,000 Dr
Liability - Accounts Payable - Olive Provider (increase) $100,000 Cr
Soon after, Antonio took Luca to see the $50,000 ship he had bought, using $30,000 of his
own money and $20,000 from a bank (loan funds). Antonio was excited because he now
knew that he had the means to make his idea a reality and make that fortune he dreamed of
from selling these olives.

Luca realised that while Antonio was always speaking about what he had done, Luca knew
that he was really speaking about what the firm had done with Antonio as its manager.

Luca realized that the firm had been involved in its second financial transaction and again
noted the following from the firm’s point of view:
• The firm had increased its obligations to the bank because the bank had
‘entrusted’ $20,000 to the firm in the form of a loan - Credit (Cr)
and
• The firm had also increased its obligations to the Antonio (as owner) because
Antonio had ‘entrusted’ $30,000 to the firm in the form of Capital - Credit
(Cr)
and
• The firm was now in possession of a Ship which it could use, if it chose to sell
it for $50,000, to repay the obligation (‘what it owed’) to the bank and to
Antonio – Debit (Dr)
Using Table 1 approach we would make the following entry
Asset - Ship (increase) $50,000 Dr
Liability - Bank Loan (increase) $20,000 Cr
Owners Equity - Capital - Antonio (increase) $30,000 Cr
Luca was happy because in both financial transactions the total of the debits equalled the
credits and the underlying concepts of the 'double entry bookkeeping' system had been
adhered to.

Summary
Armed with the underpinning 'double entry bookkeeping' concepts and his Latin definitions
of Debit and Credit, we attempt to see what Luca saw as he contemplated the entries that
would be made in the fictitious books of the 15th century entrepreneur, Antonio.

PART 5 - Is there another way to look at applying Debits and Credits?

Today we look at Luca's notes and we discover an emerging pattern. It appears that
Luca could use the Latin meanings of Debits and Credits to describe every transaction in
relation to the OBLIGATIONS of the firm.

It seems that ...

 'Obligations Approach' to applying Debits and Credits

... on with the story.

Antonio was soon back in town after successfully completing his ‘sales trip’. Antonio
explained that he (as manager) had sold all the olives for $200,000 and the trip had only cost
$30,000 including the $1,000 interest he paid to the bank. He explained that he had paid
these amounts out of the sale proceeds and that he had visited the Olive provider to repay his
account. He also said that he had used $10,000 of the sales proceeds to buy furniture for his
house in celebration of a successful trip.

We soon realise that a third series of financial transaction for the firm has happened involving
five main parts.
Part 1 – The sale of the olives for $200,000 cash
Part 2 – The use of the $100,000 of olive stock to create the income of $200,000
Part 3 – The Olive provider was paid for his outstanding account.
Part 4 - The use of $30,000 of cash proceeds to pay for the trip costs and interest expense
Part 5 - The withdrawal and use of $10,000 by Antonio (as owner)
Taking over from Luca, we will look at these transactions and apply the obligations approach
to determining the Debits or Credits of the transaction - always remembering to take
the obligation of the firm’s point of view.

Here is what we would have come up with;

Obligation Accoun
Action by the Dr/C
Option $ t&
firm r
Affected Group
Transaction
PART 1
The firm had (A) the firm Debit $200,00 Cash
received had (Dr) 0 (Asset -
$200,000 in increased its
cash for the capacity to increase
sale of the repay future )
olives obligations
(B) the firm
has
increased its
obligations
to Antonio
(as owner) Sales
The firm had
because (Income
made sales Cred $200,0
sales are -
(income) of it (Cr) 00
potential inc increase
$200,000
ome which )
the
firm ultimate
ly owes to
the owners
(investors)
Transaction P
ART 2
(D) the firm
The firm no Stock
had reduced
longer had the (Asset -
its capacity Credi $100,00
olives, because decrease
to repay t (Cr) 0
they have been )
future
sold
obligations
(C) the firm
has
decreased its
obligations
Purchas
The firm had to Antonio
es
used its (as owner)
(Expens
purchase of the because the Debit $100,00
e-
olives to make income due (Dr) 0
increase
the to the owner
)
sales proceeds has been
reduced by
the cost of
purchasing
the olives
Transaction P
ART 3
Account
(C) the firm
s
The firm paid has reduced
Payable
the outstanding its Debit $100,00
(Liabilit
promise to the obligations (Dr) 0
ies -
Olive provider to the Olive
decrease
provider
)
The firm used (D) the firm Credi $100,00 Cash
 has reduced
its cash from
its capacity (Asset -
the sale to pay
to repay t (Cr) 0 decrease
the Olive
future )
provider.
obligations
Transaction P
ART 4
(C) the firm
has reduced
its
obligations
Travel
to Antonio
Costs
The firm had (as owner)
(Expens
to pay for the because the Debit
$29,000 e -
costs of the income he (Dr)
increase
‘sales trip was to
)
receive has
been
reduced by
the cost of
the sales trip
(C) the firm
has reduced
its
obligations
to Antonio Interest
The firm had (as investor) expense
to pay for the because the Debit (Expens
$1,000
interest costs to income he (Dr) e-
the bank was to increase
receive has )
been
reduced by
the interest
expense
The firm had
to pay cash for (D) the firm
the travel has reduced Cash
costs, its capacity Credi (Asset -
$30,000
including to t (Cr) decrease
interest, from repay future )
the sale obligations
proceeds
Transaction P
ART 5
Antonio (as (C) the firm Debit $10,000 Capital
owner) used has reduced (Dr) -
$10,000 of the its Antonio
firm's cash for obligations (Owners
personal use. to Antonio Equity -
(as owner) decrease
 because he
has already
taken a share
)
of the profits
that were
due to him.
(D) the firm
has reduced Cash
The firm paid
its capacity Credi (Asset -
out $10,000 in $10,000
to t (Cr) decrease
cash
repay future )
obligations
End of
Transactions

All the account groups have been affected in this transaction, yet you can see that we still
achieve the same outcomes as the learned-Table 1 approach, but there is an underlying
meaning to the questions and they are in keeping with Luca's original Latin meaning.

Summary
In Part 5, we explore the idea that all financial transactions could be interpreted from the
point of view of the firm's obligation. Having just two main questions, we are able to apply a
different and more meaningful approach to determining a Debit entry in to the firm's books,
or a Credit one. We have attempted to link this approach to the likely meaning that
Luca Pacioli had for the terms Debits and Credits. So, apart from learning and applying the
logic of the Table 1 approach to your debits and credits, you could also apply this alternative
view developed from the first principles of Luca Pacioli's work using the Latin Debere = 'to
owe' and Credre = 'to entrust'

'Obligations Approach' to applying Debits and Credits

Additional Resources:
 1. For an overview or introduction of Debits and Credits see: Bean
Counter's Accounting and Bookkeeping "Cheat Sheet"l
2. For another series of lectures on the topic Debits and
Credits see: Stamford online.com Lecture
3. For a glossary of terms on Accounting Terms see: Utah Association of
CPAs

Conclusion - Debits and Credits

The key learnings from this training session were:

1. To understand the origins of the terms Debits and Credits

2. To understand the reason it called Debits and Credits
3. To identify and comprehend the underpinning accounting concepts for
Debits and Credits
4. To see how would they have applied Credits and Debits back in the
1400's.
5. To find a meaningful way to apply Debits and Credits to financial
transactions.

Click image to find answers

We set out at the start of this Knol to understand more fully the concepts of Debits and
Credits. We know that we can be a successful bookkeeper by simply applying the learned
Table 1 approach, but some people want to understanding the 'why'? By going back to the
time of its conception, and looking at the original meanings we have been able to give
meaning and a new approach to determining the Debits and Credits of financial transactions.

If you had difficulties understanding any of the parts, then it is recommended that you link to
the Additional Resources, as these may help you to understand them. If you have further
questions you could post a question to the website Ask the Accountant.

The key learning from this session included the origins of the terms Debits and Credits, the
reason they are called Debits and Credits, the underpinning accounting concepts for Debits
and Credits, the application of Debits and Credits back in the 1400's and the discovery of a
new meaningful way to apply Debits and Credits to financial transaction. This knowledge
will underpin the next learning level, which deals with the accounting equation and financial
statements (not yet posted).

Click on the Question to find the answers.

What is accounting?
What are the accounting concepts and conventions?
What is the double-entry bookkeeping system?
What are 'Debits and Credits' in the bookkeeping system?
What is the 'accounting entity' assumption?
What is the difference between a bookkeeper and an accountant?
How is the accounting equation formed?
What are assets in accounting?
What is the 'going concern' concept in accounting?
What is the Accounting Cycle?
What are the steps in the accounting process?
How do you apply "Debits and Credits" in bookkeeping?
Accounting images

Click HERE For Accounting Definitions Click HERE for Breakeven Education

Reference & Image Source

• Image Source #1 - by closelyobserved.com CC Atrtribution 2.0

ttp://www.flickr.com/photos/soylentgreen23/155041332/
• Image source #2 - DivulgaMAT: Centro Virtual de Divulgación de las Matemáticas
de la Real Sociedad Matemática Española www.divulgamat.ehu.es
• Image source #3 - CC Atrtribution 2.0 wikimedia.org_Luca_Pacioli
• Image source #4 - CC Atrtribution
2.0 http://en.wikipedia.org/wiki/File:Leonardo_polyhedra.png
• Image source #5 - CC Atrtribution 2.0 http://www.bestwebbuys.com/Accounting-
ISBN_9780324376159.html?isrc=b-search
• Image source #6 -CC Atrtribution 2.0
http://www.luc.edu/classicalstudies/academics.shtml

About the Author

My Accounting Knols
 1 Define
Accounting
2 Debits and
Credits
3 Break Even
Peter Baskerville is a lecturer, educational resource developer and entrepreneur.
He has authored courses in post graduate education in entrepreneurship for the Queensland Education
Department TAFE and developed teaching resources for IBSA the Commonwealth Government's vocational
skill authority. He has lectured at Southbank Institute of Technology, private RTO's and been a guest
lecturer with indigenous organisations as well as mentoring Brisbane City Council multi-
cultural scholarship winners. He hold interests in businesses operating in the hospitality and educational
resource development sectors.

Peter Baskerville - Answers on Quora

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Moharram Khalifa
Super Knol of Super Author

I can't explain how much knowledge I gained from this high level and professional work

You are my hero, Peter

Best regards,
Moharram

Last edited Nov 14, 2010 12:16 AM

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Thanks Moharram. It's kind of you to say. I'm glad you found my work beneficial. Peter

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Posted by Peter Baskerville, last edited Nov 14, 2010 12:16 AM
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Muhammad Ali Shah

Quite Detailed
Thanks!
Last edited Oct 26, 2010 6:37 AM
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John Teichman
Fantastic and thanks for the context!
Thanks for this great piece on accounting. I really appreciate the historical context as well
which makes interesting a potentially bland topic.

Last edited May 10, 2010 4:30 PM

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Thanks for taking the time to read and to comment John. Much appreciated.

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Posted by Peter Baskerville, last edited May 10, 2010 4:30 PM
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Ann P
Peter Thanks Again
Peter I saved the Basic Accounting Concepts I - and i had an over all look at this too, very
well you presented this too in a systematic way. I am saving this too alongwith the first one
for my son's benefit.
Thanks for this help.
Ann

Last edited Jan 30, 2010 10:44 AM

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Your a good mum. I hope your son appreciates it. Thanks for leaving a comment. Peter

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Posted by Peter Baskerville, last edited Jan 30, 2010 10:44 AM
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Anonymous
Untitled
many many thanks to u for diply knowledge in accounting

Last edited Jan 27, 2010 5:34 AM

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You are welcome. Good to know that you found the Knol useful. Thank you for the
comment.
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Posted by Peter Baskerville, last edited Jan 27, 2010 5:34 AM
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Prof. Vinod Kumar

Untitled
thanks for deep explanation

Last edited Dec 4, 2009 7:16 AM

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You are welcome. It is a little unconventional, but at least it gives a more 'first principals'
view of the 500 year old concept.

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Posted by Peter Baskerville, last edited Dec 4, 2009 7:16 AM
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