A) Adam Smith
B) Luca Pacioli
C) Karl Marx
D) John Locke

A) 1512
B) 1494
C) 1500
D) 1485

A) Every transaction affects at least two accounts
B) Transactions are recorded in a single entry
C) Only one account is affected per transaction
D) Only cash transactions are recorded

A) To create financial statements
B) To ensure debits equal credits
C) To assess profit and loss
D) To pay taxes

A) Equity reports
B) Invoices and receipts
C) Records of financial transactions
D) Summary of bank statements

A) Decreases understanding of finances
B) Reduces errors in financial reporting
C) Increases paperwork
D) Eliminates the need for accountants

A) The accounting equation
B) Revenue recognition
C) Historical cost
D) Matching principle

A) Italy
B) Germany
C) France
D) England