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Today's Google Doodle celebrates mathematics, and the 306th birthday of the 18th century's pre-eminent mathematician, Leonard Euler. Born and educated in Basel, Switzerland, Euler was responsible for much of the modern mathematical terminology and notation still used today.
The accounting equation whereby assets = liabilities + shareholders' equity is calculated as follows: Accounting equation = $157,797 (total liabilities) + $196,831 (equity) equal $354,628, (which equals the total assets for the period)
In double-entry bookkeeping, a transaction always affects at least two accounts, always includes at least one debit and one credit, and always has total debits and total credits that are equal.
The first math formula was the Babylonian derivation of the square root of 2. Not so much a formula back then, but you can make one out of it today. About 18001600 B.C. About 1650 B.C. Another papyrus contains solving linear equations and the first example of cotangent.
In double-entry bookkeeping, a transaction always affects at least two accounts, always includes at least one debit and one credit, and always has total debits and total credits that are equal. This is to keep the accounting equation (below) in balance.
The Rule of Double-Entry Accounting. In a double-entry transaction, an equal amount of money is always transferred from one account (or group of accounts) to another account (or group of accounts). ... For every transaction, the total of debits (left column entries) must equal the total of credits (right column entries).
At its base, double entry accounting is a deceptively simple formula Assets = Liabilities + Equity.
Double Entry is recorded in a manner that the Accounting Equation is always in balance. Any increase in expense (Dr) will be offset by a decrease in assets (Cr) or increase in liability or equity (Cr) and vice-versa. Hence, the accounting equation will still be in equilibrium.
The double-entry system of accounting or bookkeeping means that for every business transaction, amounts must be recorded in a minimum of two accounts. The double-entry system also requires that for all transactions, the amounts entered as debits must be equal to the amounts entered as credits.
The Euler's number is the base of the natural algorithm and is equal to 2.718. Euler is often regarded as the father of mathematics and the greatest physicist of all time Richard Feynman regarded the identity as a remarkable formula ever.
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