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October 2010 » Double-Entry, Nonstandard Entries,...
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Douglas R. Carmichael, PhD, CPA, CFE, CFF
‘When he passed away, his younger accountant coworkers rushed to his desk drawer and found it contained a slip of paper that said: ‘Debits are by the window.’” So goes the punch line to a joke that virtually every fledgling accountant trying to master double-entry accounting has heard. Thinking in debit and credit terms soon becomes second nature, but the discipline of double-entry accounting that debits must equal credits has implications far beyond the basics of keeping accounting records. It is a valuable tool in analyzing and detecting financial statement fraud.
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