The Commerce That Occurred as a Result of the Pax

question 54

Multiple Choice

The commerce that occurred as a result of the Pax Mongolica was facilitated by the introduction of:

• A)double-entry bookkeeping and early forms of credit transfers.
• B)Roman numerals into European accounting.
• C)abacuses and standardized coins used across Europe.
• D)receipts and bookkeeping ledgers.
• E)manuals to facilitate trade along the Silk Road.

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Definitions:

Debited

To be debited means an amount has been recorded on the left-hand side of a financial account, indicating an increase in assets or a decrease in liabilities.

Insurance Policy

A contract between an insurer and a policyholder that specifies the terms under which the insurer agrees to compensate the policyholder for specified losses.

Adjusting Entry

An accounting entry made in the books at the end of an accounting period to allocate income and expenditure to the correct period.