In the Compagnie Accounting System Developed in Florence,Italy in the 1200s

question 37

Multiple Choice

In the compagnie accounting system developed in Florence,Italy in the 1200s,

• A) deferrals and accruals were common.
• B) quarterly financial statements were required.
• C) double entry accounting was unknown, so companies only recorded one side of a transaction.
• D) provisions were made for the division of profits and losses.

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Definitions:

Value Chain

A set of activities that a company performs to create value for its customers, from product design to post-sale service.

Open Systems

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