Luca Pacioli and Double-Entry Accounting Quiz

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10 Questions

Who is considered the father of Accounting?

Luca Pacioli

What is the double-entry accounting system?

The method of keeping accounts that merchants used at that time

What are the three activities of accounting according to the text?

Identification, Recording, Communication

Who are the internal users of accounting information mentioned in the text?

Management, Human Resources, Finance, Marketing

What does GAAP stand for?

Generally Accepted Accounting Principles

What are the three activities of accounting according to the text?

Identification, Recording, Communication

Name one internal user of accounting information mentioned in the text.

Management

What does GAAP stand for?

Generally Accepted Accounting Principles

Name one organization involved in standard setting for accounting information.

Securities and Exchange Commission (SEC)

What does the Cost Principle (historical) dictate that companies do when recording assets?

Record assets at their cost

Test your knowledge of accounting history and principles with this quiz on Luca Pacioli and the double-entry accounting system. Explore the three fundamental activities of accounting and learn about the internal and external users of financial information. Perfect for accounting students and professionals looking to deepen their understanding of the field.

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