Topic Content:
- Double Entry Principle
- Summary of the Double Entry Principle
- Advantages of Double Entry Principle
- Differences between Debit and Credit Entry
The principle of Double entry States that for every “debit entry”, there must be a corresponding “credit entry” and vice versa. It is the foundation of bookkeeping.
The double-entry system of accounting was first recorded by an Italian mathematician, Luca Pacioli, who is widely known today as the “Father of Accounting”, in 1544 in Venice.
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