Introduction Modern accounting is based on a fundamental principle: double-entry accounting. This concept, which originated in the work of Friar Luca Pacioli in 1494, establishes that every economic transaction has a double effect on a company's accounting records.
Economic duality is a basic principle established in NIF A-1, which states that an entity's financial structure is composed of two fundamental elements: the resources available to fulfill its purposes (assets). The sources from which these assets are derived...
