Assessing The Health Of Your Business: The Art And Science Of Accounting
It pays to do things twice in accounting. Italian friar Luca Pacioli established that when he published the first book on double-entry bookkeeping in 1494. The practice is still being used today. Like Pacioli, who was well versed in a wide range of subjects, the art and science of accounting is all about timing and balance.
Double-entry bookkeeping, which requires two-sides to every journal entry, gave birth to the income statement and balance sheet. Together with the cash-flow statement, they create a financial reporting system that keeps your books in equilibrium.