The article is mostly correct[0], and is very good if the explanation clicks for you. I suspect some people (even some HN readers) would find it easier to thin

The article is mostly correct[0], and is very good if the explanation clicks for you. I suspect some people (even some HN readers) would find it easier to think of ledgers as lists of transactions with running totals. [0] e.g. it's not strictly true that book value is a lower bound on company value