And as the businesses grew, they needed to access to capital. And the reason he wrote this book was that there at the time, the complexity of business was growing more and more. And see it was actually the trading capital of the world back then. And here's a nice picture I have for you of Venice, what it looked like, in the 13th and 15th century. And they would be shipped throughout the Mediterranean and throughout the known world at that time.Īnd what Luca did was, he realized that there was a need for some type of bookkeeping, and he actually wrote a book. And because he lived in Venice, and it was the center of the world, commerce, everything was coming through Venice, all the spices, and gold and all kinds of stuff. And here's a picture of Luca for you, you could see he's a monk or a priest. And Venice back in 1495, was actually the center of the world as far as business was concerned. And what Luca did was, he lived in Venice at the time. Where did accounting start?Īccounting started back in 1495, by an Italian, he's a monk or a friar. The first thing I always believe in starting off at the very beginning. This going to be quick, but if you just listen to this video, you're going to understand how accounting works. And they really always seem to have issues with deferred income or deferred expense, so I'm going to do this. They don't understand debits and credits. Because I get a lot of questions from undergraduates and graduates at the University, where they have a lot of questions about how it works. And I'm going to give you an example of deferred income. Today we are going to discuss understanding accounting.
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