Double-Entry Bookkeeping
Who is credited with documenting double-entry bookkeeping in the 14th century?
Luca Pacioli
When was the CICA established?
1902
What is the Canadian GAAP?
A set of standard accounting principles, standards, and procedures that all accountants go by.
What is one benefit of AI in accounting?
Reduces time, resources, minimizes human error, lowers operational costs.
Which merchant communities did the Double Entry Bookkeeping system originate from? (name at least 2)
Venice, Genoa, and Florence
What did the CICA become in 2013?
When did Canada begin to transition to IFRS?
Early 2000s
What are two downsides to AI in accounting?
Requires it to handle large amounts of data (unsafe), Requires individuals with skills related to data analytics, trust / ethical issues.
What was the name of the book Luca Pacioli created?
Summa de Arithmetica
What is the name of the set of standard accounting principles, standards, and procedures that all accountants go by.
Canadian GAAP / IFRS
What was/were the benefits of Canada adopting the IFRS?
Improved global consistency in financial reporting, making Canada more attractive to international investors/stakeholders.
What is Natural Language Processing, and what is the benefit of using it?
What is the fundamental accounting equation?
Assets = Liabilities + Equity