By Ron Baker: A lot of rules have been added since the Venetian monk Luca Pacioli published the first accounting textbook in 1494, introducing double-entry bookkeeping.
Unfortunately, one could also make the argument that it was the last revolutionary idea to come from the accounting profession.
Read complete article In the Real World, Debits Don't Equal Credits
Source: AccountingWEB, 4 February 2008. Copyright © 2008 AccountingWEB, Inc. All rights reserved.