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Next Quiz on June 16th!


Accounting History Quiz

Accountants are lifelong students. The weekly quizzes are open
to everyone in the wonderful field of accounting, business
and the study of accounting. Good luck!

This week's quiz brought to you by:
Barbara W. Scofield, PhD, CPA - Associate Professor of Accounting
and Director of the Financial Accounting Concentration
University of Dallas
Irving, Texas



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1 - Double entry accounting was first developed in:
England
China
India
Italy

2 - The earliest double entry accounting records for a business are from the:
13th century
14th century
15th century
16th century

3 - Luca Pacioli's Summa de Arithmetica Geometrica, Proportioni et Proportionalite, the earliest publication describing double entry accounting, is dated:
1365
1494
1520
1670

4 - Josiah Wedgewood's factory survived the 1770-1772 depression by:
substituting labor for mechanization.
raising prices to cover the fixed costs of production.
lowering prices to cover variable costs of production.
setting differential prices that allowed profitability for high quality high cost products AND mass market, low cost products.

5 - Which of the following was the first regulation that required companies to have an annual audit?
The British Companies Act of 1844
Sherman Antitrust Act of 1890
The Securities and Exchange Commission Act of 1933
Sarbanes Oxley Act of 2002

6 - The first certified public accountants licensed in the United States occurred in 1896 in:
Illinois
Massachusetts
New York
Ohio

7 - The New York Stock Exchange began in 1792 and set its first accounting requirements in:
1913
1932
1973
2002

8 - The financial measure return on investment was originated by:
DuPont
General Electric
General Motors
US Steel

9 - Flexible budgeting was originated by:
DuPont
General Electric
General Motors
US Steel

10 - The Financial Accounting Standards Board was founded in:
1913
1933
1973
2002