The story of the birth of accounting begins with numbers. In the 1400s, much of Europe was still using Roman numerals, and finding it really hard to easily add or subtract. (Try adding MCVI to XCIV.)
But fortunately, Arabic numerals (1, 2, 3, 4, etc.) started catching on, and with those numbers, merchants in Venice developed a revolutionary system we now call "double-entry" bookkeeping. This is how it works:
Originally published on Thu October 4, 2012 4:44 pm
In case anyone was wondering, this week's presidential debate demonstrated why incumbent presidents and others leading in the polls used to refuse to debate their challengers.
After John F. Kennedy used the first TV debates to boost his campaign against incumbent Vice President Richard Nixon in 1960, there simply were no debates until 1976. Running again with a big lead in 1968 and 1972, Nixon declined to debate and won both times. Lyndon B. Johnson also demurred in 1964 without damage en route to a landslide.
How much extra would you pay for local food? It's a familiar question. We face it practically every time we shop for groceries, either at the store or at the farmers market. But what about food that can save the lives of severely malnourished children?