The Origins of Accounting Are Generally Attributed to the Work

question 117

Multiple Choice

The origins of accounting are generally attributed to the work of

• A) Christopher Columbus.
• B) Abner Doubleday.
• C) Luca Pacioli.
• D) Leonardo da Vinci.

---

Definitions:

Adjustments

Modifications made to the accounting records or financial statements to accurately represent the financial position of an organization.

Journal

A record where all financial transactions are initially noted before being transferred to specific accounts in the ledger.

Income Statement Columns

Income statement columns refer to the structured format used to present the revenues, expenses, and net profit or loss of a business over a specific period.

Income Statement

A financial statement that shows a company's revenues and expenses over a specific period, culminating in net income or loss.