Study Questions for Chapter One

1. Historically, accounting has evolved from various dimensions of …….. in the world.

2. Trade is the exchange of goods or rendering services for a reward usually quantifiable in ………. terms.

3. ……… is an acceptable currency or medium of exchange for goods and services.

4. Governments began to introduce ……….. to reduce the need to buy gold and silver for minting purposes.

5. The system of writing known as ……… facilitated the documentation of trade between ancient Sumerians and business people from other areas.

6. By 3000 BC, Egyptians recorded ……….. using hieroglyphs to the base of ten.

7. The Roman Empire’s accounting practices featured ……… the value of an item in monetary terms and determining profit from trade activities.

8. Due to ……., the Phoenician alphabet and culture spread quickly to other regions.

9. The development of Joint-Stock companies made accounting practices to ……… the scope of reporting profits.

10. Financial accounting provides accounting information for persons and institutions ………… to the reporting company.