Papers on REA primarily stress using REA to design an accounting system, but wide acceptance of REA as an accounting system design methodology probably would depend on a fundamental reexamination of the accounting model would a move away from double-entry accounting
. REA research has not considered how REA would institute complex accounting situations such as accounting for business combinations and derivatives.
Learning Objective 10 * To apply transactions analysis and double-entry accounting
in recording transactions.
Although the software uses the world industry standard of double-entry accounting
, Quentin has transformed the whole process making it accessible to those with no training whatsoever.
It is convenient that a number of the theorems useful for beginning an inquiry into these applications are introduced in the context of double-entry accounting
in the "structure" course.
One section of this book was dedicated to the description of double-entry accounting
. The system provided a methodology of checks and balances to control the financial operations of a company.
Pacioli published the first work on a double-entry accounting
system consisting of three books - a day book, a journal, and a ledger.
Although Latin and double-entry accounting
have been criticized as irrelevant for the modern world, both provide a basic knowledge foundation.
These programs are intended for small firms that use double-entry accounting
Accounting artifacts are components of accounting that exist only for financial reporting such as journals, ledgers, double-entry accounting
, and a chart of accounts.
'When he passed away, his younger accountant coworkers rushed to his desk drawer and found it contained a slip of paper that said: 'Debits are by the window.'" So goes the punch line to a joke that virtually every fledgling accountant trying to master double-entry accounting
51-69] identifies three concepts inherent to economic performance measurement under double-entry accounting