Question

Who is known as the Father of Accountancy and Modern Accounting?

• A. Leonardo da Vinci
• B. Luca Pacioli
• C. Eric Kohler
• D. JR Batliboi

Answer 1

Answer:

B. Luca Pacioli

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.