How did Accounting start?
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1. When was this beautiful art born?
2. Where did the debits and credits come
from?
3. What is the language of accounting?
4. Did you know?
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Luca Pacioli (1447 – 1517)
• Italian mathematician, Franciscan friar,
• First person to publish a work on the double-entry system of book-
keeping in 1494,
• He described the use of journals and ledgers in the book
He warned that a person should not go to sleep at night until the
debits equalled the credits.
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Where is ‘r’ in Debit?
For a moment, we can see
why we call CREDIT as CR.
But where’s
the ‘r’
in
Debit????????????
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Why do banks use them
opposite?
• Why do the banks debit our accounts to pay
any creditor?
• Why is our account credited when any money
is received in bank account?
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• In ancient times, Debit meant BAD or anything that cost to company.
• Credit meant GOOD or anything that benefitted the company.
Banks adopted this concept AS IT IS.
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Did you know?
• Word “Accountant” is derived from French
word “Compter” or “Computare” which
means to count or score.
• Bubblegum was invented by Walter Diemer,
an accountant.
• “Bookkeeper” and “Bookkeeping” are the
only English words to have three letters
consecutively in a single word.