Accounting has its roots in the 15th century, when which of the following groups of people used the double entry accounting system?

Italian merchants

Greek fishermen

Chinese traders

Turkish craftsmen

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Expert Solution

Answer : “Italian merchants”

Details:

The double entry book-keeping was first invented and implemented by the Northern Italy large marchants to record their business transactions and the double entry system was spread over the Europe through the various trading routes and thus, forms the standardized business accounting practice. Italian mathematician Fra Luca Bartolomeo de Pacioli and Leonardo da Vinci are referred as “Father of Accounting and Bookkeeping”.

ekkarill92 answered 1 year ago

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