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Debit and Credit System

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Debits and credits are the basis for the system of double-entry accounting that is accepted as standard accounting practice today. The system had its beginning in the Renaissance, when an Italian mathematican and Franciscan monk, Luca Pacioli (1445?-1514?), described an accounting system whereby every financial transaction would have a debit amount and an equal and offsetting credit amount.

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Copyright © 2011 Advameg, Inc.