Basic Accounting Concepts

Basic Accounting Concepts 2 – Debits and Credits

A tutorial to help you understand the bookkeeping/accounting concepts of Debits and Credits

Most people don’t find the math of Accounting as difficult as understanding the concepts of accounting, and for many there is no more difficult concept to grasp than that of Debits and Credits. Now the concept of Debits and Credits is actually more than 500 years old, being used extensively by the Venetian merchants of Italy in the 15th century Renaissance period. The concepts were first documented in Latin in the 1400’s and were later translated into English in the 16th century. Continue reading