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The lesson notes that the practice of accounting is ancient, with a description of proper keeping of accounts found in an old Indian treatise. Which treatise, and to whom is it attributed?
Answer & Solution
Correct answer: B.
1. The lesson cites an Indian treatise as evidence of the antiquity of accounting.
2. That treatise is the Arthashastra, attributed to Kautilya.
3. The Arthashastra describes proper keeping of accounts in administration.
4. Manusmriti, the Rig Veda and Charaka Samhita address other subjects, not accounting practice.
_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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