History of Accounting Jeopardy

Double-Entry Bookkeeping

100

Who is credited with documenting double-entry bookkeeping in the 14th century?

Luca Pacioli

200

Which merchant communities did the Double Entry Bookkeeping system originate from? (name at least 2)

Venice, Genoa, and Florence

300

What was the name of the book Luca Pacioli created?

Summa de Arithmetica

CICA

100

When was the CICA established?

1902

200

What did the CICA become in 2013?

CPA Canada

300

What is the name of the set of standard accounting principles, standards, and procedures that all accountants go by.

Canadian GAAP / IFRS

Canadian GAAP

100

What is the Canadian GAAP?

A set of standard accounting principles, standards, and procedures that all accountants go by.

200

When did Canada begin to transition to IFRS?

Early 2000s

300

What was/were the benefits of Canada adopting the IFRS?

Improved global consistency in financial reporting, making Canada more attractive to international investors/stakeholders.

AI Integration

100

What is one benefit of AI in accounting?

Reduces time, resources, minimizes human error, lowers operational costs.

200

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.

300

What is Natural Language Processing, and what is the benefit of using it?

A system that allows AI systems to analyze unstructured data from sources like emails and documents. Makes it easier to extract data / speed up audit procedures.

Big Drop

300

What is the fundamental accounting equation?

Assets = Liabilities + Equity