In 1494, Luca Pacioli, a Franciscan friar, wrote one of the first published descriptions of double-entry bookkeeping. He described journals, ledgers, year-end closing entries, and proposed that a trial balance be used to prove a balanced ledger. He warned that a person should not go to sleep at night until the debits equalled the credits. His ledger had accounts for assets, liabilities, capital, income, and expenses — the account categories that are reported on an organization’s balance sheet and income statement, respectively. These terms are still used today. Who knew there was a certain old-world charm to what I teach.