The Use of Matrix Algebra in the Simplification of Accounting Transactions Based on the Principle of Double Entry

There is need for students to be exposed to different methods of solving a given problem in order to facilitate a better understanding of accounting procedures based on the principle of double entry. This paper examined the use of matrix algebra in financial records. It is important to emphasize the use of matrix concepts for accountants, bankers and students of accounting to equip them for the emerging trends in the business/financial world. The business world is rapidly changing with new innovations in almost every discipline including accounting and finance. With the computer age, virtually all data and information required by management are going to be computerized before the turn of the decade. Hence, this calls for greater awareness in both students and practitioners of the accounting profession to have insight into the operations of the computer system. The aim of this paper is not to give a critical analysis of the computer operations but to bring into focus the use of matrix algebra in the simplification of some accounting procedures based on the principle of double entry.