What are equities? The accounting equation does two things for us. It provides us with a balance point, which helps us maintain mathematical accuracy, and it also allows the accounting system to provide us with more information. The equation dates back to Luca Pacioli in 1494, when he said to assume that Assets = Equities. He invented double-entry accounting, which evolved from this equation, and will be covered in Chapter 2. After we leave Chapter 1 we will not work with the equation the same way we are now, but the equation underlies all the rules and procedures that we will use to record and classify business transactions.
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