Overview

This little book (thesis, maybe) advocates recording and analyzing the two sides of accounting transactions with positive and negative numbers, with +'s and -'s, or in computer parlance, with 0's and 1's. Dual-entry accounting evolved long ago when negative numbers were not deemed real numbers, and therefore, negative numbers were not used (and, in large part, this practice continues to this day) to balance transactions. But today, in the Age of Digitization and at the dawn of Blockchain Technology, a rethinking of Accounting in mathematical terms (not with words such as debits and credits - different words in other languages) seems fitting. This thesis of sorts asks you, too, to consider Asset accounts as being for the entity, while Liability and Equity (including net Income and Expense) accounts are to creditors and to owners, respectively. This thinking probably comes closer to the original model developed in Venice over 500 years ago, a system promulgated throughout Europe and eventually, throughout the world. Together, rethinking balancing accounting transactions in mathematical terms, with +'s and -'s, 0's and 1's - and thinking of Balance Sheet and Income Statement accounts as being either For the entity or To creditors and To owners - will, hopefully, bring the merits and an understanding of double-entry accounting to a larger audience.

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9781522898771

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