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Old 06-05-2012, 07:41 AM   #33
Bruno
 
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Join Date: Sep 2004
Location: Canada
Default Re: TL4 Poker Chips

Quote:
Originally Posted by vicky_molokh View Post
It's certainly a counter-intuitive breakthrough. Even after reading the wiki, I'm not sure what the big benefit is (aside from the enforced double-errorcheck), and how one figures one NEEDS this strange benefit in order to even start seeking ways to achieve it.
Improved error checking of very large lists of numbers is pretty significant.

EDIT: It's easier to see the point when you read the list of disadvantages to single-entry book-keeping:

[quote=Wikipedia] Data may not be available to management for effectively planning and controlling the business.
Lack of systematic and precise bookkeeping may lead to inefficient administration and reduced control over the affairs of the business.
Single-entry records do not provide a check against clerical error, as does a double-entry system. This is one of the most serious defects of single-entry systems.
Single-entry records seldom make provision for recording all transactions. In addition, many internal transactions, such as adjusting entries are often not recorded.
Because no accounts are provided for many of the items appearing in both the Income Statement and Balance Sheet, omission of important data is possible.
In the absence of detailed records of all assets, lax administration of those assets may occur.
Theft and other losses are less likely to be detected.
[/wikipedia]

Recording data that's bunk is pointless. Error checking your data records so they contain actual useful information is critical if you want to do anything with that data other than mindlessly record it and then shred it 7 years later.

The benefit of double-entry book-keeping really can be summed up as "error checking" but in an accounting context, it's like saying the benefits of doctors washing their hands is "reduced infections". It's easy to say, it's only two words, it's HUGE.
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Last edited by Bruno; 06-05-2012 at 07:48 AM.
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