Question

The "Summa de Arithmetica" is considered important because it:

• A. Was the first printed book on geometry only
• B. Included a systematic description of the double-entry bookkeeping system
• C. Was written in Latin only
• D. Was primarily about taxation

Answer 1

Answer:

B. Included a systematic description of the double-entry bookkeeping system

LUCA PACIOLI (1447-1517)

• Father of Accountancy

• Father of Modern Accounting

• Italian Mathematician

• Published 1st Book on Double Entry system of Accountancy in 1494 (VENICE) Summa de arthemetica, Geometrica and Preportini and Preportionalita

• Summa de arthmetica considered as as the 1st Book on Double entry system.

• Introduced the term Debit and Credit.

• Credit - Italian word - Credito - Owned by the proprietor.

• Debit- Latin word- debeo - owed to proprietor.