Early Modern Europe – 1450 to 1750
Double-entry bookkeeping is an accounting method that requires every financial transaction to be recorded in at least two accounts, ensuring that the accounting equation remains balanced. This system underpins modern accounting practices and supports the development of banking and credit systems by providing a clear and accurate representation of a business's financial situation, allowing for better tracking of assets, liabilities, and equity.
congrats on reading the definition of double-entry bookkeeping. now let's actually learn it.