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The modern-day accounting concept based on the double entry system has a specific historical origin. According to the lesson, in which country did the modern double entry system originate, and who is credited with originating it?
Answer & Solution
Correct answer: A.
1. The lesson traces the modern double entry system to a single founder.
2. The system originated in Italy and is credited to Luca Pacioli.
3. Kautilya described accounts in the Arthashastra but did not invent double entry.
4. Petty and Savary were later contributors but not the originators of double entry.
_Source: ICSI CS Executive Paper 5 (Corporate and Management Accounting) — Lesson 1 & 2: Introduction to Financial and Corporate Accounting, pp. v–vii and x._
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