Question

1) The accounting procedures which are in use today for recording business
transactions originated in:

UK
Italy
India
USA​

Answer 1

Answer:

The accounting procedures used today are based on those developed in the late 15th century by an Italian monk, Brother Luca Pacioli.

Hope it helps...

Answer 2

Answer:

The correct answer for the origin of accounting procedures is option (B) Italy.

Explanation:

• The accounting methods used today, are based on those developed by the Brother Luca Pacioli, an Italian monk, in the late 15th century in Italy. He defined  three major accounting items as assets, liabilities, and equity.
• Assets are valuable to the company. They may be physical like Cash, equipment,  buildings, or intangible assets like Patent or brand name.
• Liabilities (also known as debt) is what the company owes to its creditors. Capital is the total amount of investment in a company minus liabilities. Another term for equity is net worth.
• The relationship between these three elements is expressed in the accounting equation:
  Asset-Liability = Equity
• The balance sheet equation must always be balanced (that is, the sum of the elements on one side of the equal sign must be equal to the sum on the other side).

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