Which of the following accounting concepts has roots in the Mesopotamians who lived and kept records 5,000 years ago?
A) The business entity concept.
B) The accounting equation.
C) The going concern concept.
D) CVP analysis.

Question

Quizplus · Accepted Answer

The accounting equation (assets = liabilities + equity) is believed to have originated with the ancient Mesopotamians, who used it to keep track of their trade and business transactions over 5,000 years ago. The other options listed did not originate during this time period.

Which of the Following Accounting Concepts Has Roots in the Mesopotamians