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Accounting facts & stats

6 sourced facts about accounting, each with the context behind the number. 4 more are in today's round and appear here after it closes.

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The basics

In the double-entry bookkeeping system described by Luca Pacioli, where did he advise merchants to record debits?

Answeron the left side (credits on the right)

Pacioli published a detailed description of double-entry bookkeeping, a method that keeps business transactions in balance.

Source: Encyclopaedia Britannica, Luca Pacioli (2024) britannica.com

Going deeper

Expert level

How many tax return audits did the IRS close in fiscal year 2025?

Answer497,621 audits

They resulted in $26.8 billion in recommended additional tax — a small number of audits compared with 271.4 million returns and forms processed.

Source: IRS, SOI Tax Stats – IRS Data Book (2025) irs.gov

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