1. What system of accounting was introduced in the 14th century?
a recording system
b. double entry system
c. accounting research
d financial system
2. It is a process that involves sorting of similar related business transactions into three categories of assets, liabilities, and owner's equity.
a Recording
b. Analyzing
c. Classifying
d. Summarizing
a recording system
b. double entry system
c. accounting research
d financial system
2. It is a process that involves sorting of similar related business transactions into three categories of assets, liabilities, and owner's equity.
a Recording
b. Analyzing
c. Classifying
d. Summarizing
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1. B. Double Entry System
14th Century - Double-Entry Bookkeeping
Pacioli described double-entry bookkeeping, and other commerce-related concepts, in his book De Computis et Scripturis – translated in English to Of Reckonings and Writings.
2. C. Classifying
The classifying phase of accounting involves sorting and grouping similar items under the designated name, category or account. This phase uses systematic analysis of recorded data in which all transactions are grouped in one place.