The double principle of accounting was developed by?

Assessment: JAMB UTME - Principles of Accounts - 2005 Subject: Financial Accounting

Question 1 Report

The double principle of accounting was developed by?
Answer Details
Luca Pacioli is credited with the development of the double-entry principle of accounting. He was an Italian mathematician and friar who lived in the 15th century. Pacioli's book "Summa de Arithmetica, Geometria, Proportioni et Proportionalità" published in 1494, contained a section on double-entry bookkeeping which is considered as the first recorded treatise on accounting. The double-entry principle is a system of recording financial transactions that ensures the accuracy and completeness of accounting records. It involves recording each transaction in at least two accounts, with a debit in one account and an equal credit in another account.
Read lesson note on Principles Of Double Entry (JAMB)
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